Apple recorded lower-than-expected earnings for the second quarter of this year. The company on Tuesday said it recorded US$35 billion of sales and $8.8 billion net profit in the second quarter.

That translates to $9.32 net profit per share. But although that is about 20 percent more than what it made a year ago, it was not enough to prevent the stock to plummet. Wall Street analysts had predicted $37.2 billion of sales and $10.35 of net profit per share.

A slump in iPhone sales was the main reason for the disappointing performance. Apple sold 26 million iPhones in the second quarter, down 26 percent from the first quarter.

The popularity of the iPhone 4S, which was launched in October last year, has dwindled, and consumers are delaying new purchases in anticipation of the release of the new iPhone this fall.

On the other hand, sales of the iPad rose by a whopping 84 percent from the previous quarter thanks to the release of the new iPad early this year, with 17 million sold.

Apple CEO Tim Cook said all MacBook products have been updated and Apple is ready to unveil innovative new items soon, including the iOS6. But he did not mention the new iPhone.

Meanwhile, Apple and Samsung's legal battle in the U.S. continues in a trial scheduled for Monday next week. Apple claims that it has sustained $2.53 billion in damage as a result of Samsung's patent infringement, while Samsung demands that Apple pay royalties per unit for pirating its 3G technology.