Apple, currently the most valuable public company in the world, has missed growth forecasts in the third quarter of the fiscal year as the public held out for the release of their new iPhone.

After selling 26 million iPhones in the three months to June 30, Apple recorded a 28 percent increase on the same period last year. It is a notable slowdown in the growth rate over recent quarters, which has sent its shares plummeting under $600 in after hours trading.

“iPhone sales continue to be impacted by rumour and speculation around new products,” said Peter Oppenheimer, Apple's chief financial officer. Apple gossip website MacRumors, currently gives the iPhone a yellow traffic light rating, meaning buyers should be warned before purchasing that a newer model might be in the works.

Industry analysts had forecast revenues of $37.2bn; actual results were just a hair off the mark at $35bn. The company's cash reserves increased by $7bn between March and June to $117.2bn, but a planned dividend payout and share buyback are planned.

Despite rife speculation about the launch of a cheaper ipad to compete with Google's Nexus 7, and rumours of a cheaper iPhone, no further details were provided by Apple about these products.