Apple shifted 47.8 million iPhones throughout the last three months of 2012, one million less than analysts had predicted.
The computer giant's shares fell 3% to $517 (£326) in extended trading after the release of the report.
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There will be lighter winds for all of us than yesterday, although it will still feel cool.
Senior fashion analyst at Mintel Tamara Sender said: "For the first time ever sales of trainers have overtaken high heels."
Of the 1,600 business leaders questioned, a third planned to scale back hiring staff if the £7.20 an hour rate for adults increases.