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The U.S. economic slowdown is starting to take the shine off Apple Inc.

On Monday, the tech darling became the latest in a growing contingent to feel an economic chill as it posted a financial forecast for the current quarter that failed to meet Wall Street expectations.

Although Apple's chief financial officer Peter Oppenheimer said the company was not affected by slower consumer spending in the U.S. during the quarter ended June 28, it is aware of growing economic headwinds.

“We're certainly aware of the economic environment,” he said.

In its core business, Apple sold a record number of PCs, up 36 per cent from last year, based on a broader retail reach.

But it projected that earnings would be $1 (U.S.) a share on revenue of $7.8-billion for the current quarter.

That fell well short of Wall Street expectations of $1.25 per diluted share and $8.3-billion in revenue.

Apple joined a growing list of tech leaders, including Microsoft Corp. and eBay Inc. , whose forecasts for the summer quarter have analysts worried that the economic downturn is spreading to the tech sector.

Investors punished Apple's stock during after-hours trading, pushing shares of the Cupertino, Calif., company down more than 10 per cent to below $150.

"They are the worst predictors in the history of the world," said Andrew Hargreaves, a senior analyst at Pacific Crest Securities in Portland, Ore.

"Now, the mitigating factor is the macroeconomy, that's something that you can't do anything about, but at the same time their product cycles seem to be working despite that."

Apple said it shipped 2.5 million Mac PCs and more than 11 million iPods during the quarter. Apple's PC business has continued to be the engine that drives the company's finances, accounting for nearly half of Apple's total revenue. Last week, a pair of market research studies revealed that Apple has surpassed Taiwan's Acer Inc. to become the No. 3 computer maker in the U.S.

Although the company sold 717,000 iPhones during the quarter, that revenue was not recognized in the results. Apple will begin recognizing the revenue from older iPhones sold after March 6 – which lacked updated software – during the September quarter. Sales of the company's new 3G iPhone also did not factor in, since the device went on sale after the quarter closed.

The star of Apple's product lineup for the summer will no doubt be the new 3G iPhone that launched in Canada and 20 other countries on July 11. Apple sold more than one million iPhones during the first three days, while the company's new App Store – an online marketplace where customers can purchase additional iPhone programs – has already passed 25 million downloads.

Apple plans to sell 10 million iPhones and have the device available in 70 countries by the end of the year.

Mr. Oppenheimer also mentioned a number of “state-of-the-art new products” that Apple has in its development pipeline and could reveal as early as August, but declined to comment further, fuelling speculation about a possible refresh of the iPod or Mac notebook product lines.

Apple has been criticized in the past for its reliance on the U.S. consumer market, but has recently stepped up its efforts to become a bigger player on the global stage. International sales accounted for 42 per cent of Apple's revenues during the quarter and sales growth in Japan and Europe outpaced the company's overall growth. Apple also opened its first retail outlet in Beijing last week.

Apple's chief executive officer, Steve Jobs, was conspicuously absent from the conference call, prompting one analyst to inquire about Mr. Jobs' health. Mr. Jobs, who battled a rare form of pancreatic cancer in 2003, appeared noticeably gaunt at Apple's Worldwide Developers Conference in June, which led to rampant speculation about both his health and Apple's plans for a successor.

“Steve loves Apple and serves as the CEO at the pleasure of Apple's board and has no plans to leave,” Mr. Oppenheimer said. “Steve's health is a private matter.”