NEW YORK ( TheStreet) -- Apple ( AAPL) shares plunged in extended trading on Thursday as investors digested the tech giant's fiscal first-quarter results. The iPhone maker, for so long the shining star in Silicon Valley, beat Wall Street's earnings estimates, but its revenue fell short of forecasts. Apple brought in revenue of $54.5 billion, up from $46.33 billion in the prior year's quarter, but below analysts' forecast of $54.73 billion. The Cupertino, Calif.-based firm earned $13.81 a share, down from $13.87 a share in the same period last year, and above analysts' estimate of $13.47. Investors were clearly appalled by the numbers, pushing Apple's shares down 10.3% to $460.91 in extended trading. The iPhone maker, which has been surrounded by rumors of weakening demand recently, sold 47.8 million iPhones during the quarter, up from 37 million in the same period last year. "We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," said Tim Cook, Apple's CEO, in the company's press release. "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world." During its fiscal first quarter, Apple sold 22.9 million iPads, compared to 15.4 million in the prior year's quarter. The firm sold 4.1 million Macs, down from 5.2 million in the year-ago quarter. Apple sold 12.7 million iPods during the December quarter, compared to 15.4 million in the same period last year. Apple's gross margin was 38.6% compared to 44.7% in the prior year's quarter, and 40% during its fiscal fourth quarter. For its fiscal second quarter, Apple forecast revenue between $41 billion and $43 billion, a gross margin between 37.5% and 38.5%, and operating expenses between $3.8 billion and $3.9 billion. Apple did not offer earnings guidance. Analysts surveyed by Thomson Reuters had forecast revenue of $45.38 billion and earnings of $11.67 a share. Apple's board also declared a quarterly cash dividend of $2.65 a share. --Written by James Rogers and Chris Ciaccia in New York. Follow @jamesjrogers Follow @commodity_bull >To submit a news tip, send an email to: firstname.lastname@example.org.