AAPL drops 10 percent in after-hour trading to near year-low on earnings miss and projections (Updated)

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Apple’s Q1 2013 earnings report just sent the stock sliding 5 percent, or roughly 30 points, to a near year-low.

AAPL has lost some of its luster over the last few weeks, especially given its 11-month low earlier this month, as 9to5Mac detailed in our earnings preview from this afternoon. Apple’s stock closed at 514 today, but it seems investors do not like those new quarterly numbers.

Wall Street analysts estimated Apple sold between 47.5 million and 53 million iPhones in Q1 2013, compared to 37 million in the year-ago quarter, while iPad sales likely landed between 23 million and 25 million. However, Apple just reported 47.8 million in iPhone sales for the first quarter. That number hit the low-end of projections, but iPad sales fell below analyst expectations at 22.9 million.

Apple’s iPhone and iPad sales helped post a revenue of $54.5 billion, slightly below the $54.7 billion Wall Street expected, according to Philip Elmer-Dewitt’s quarterly list of analyst predictions, but above the $52 billion Apple forecasted in October.

Update: Apple is down 10 percent, or roughy 50 points, during its Q1 2013 earnings call.

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Check out 9to5Mac’s live blog for full coverage of the earnings call.

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