Apple beats estimates again at the closing bell Monday,. The Cupertino, California firm , Apple Inc. ( AAPL ) posted its Q1 earnings per share at $14.50. This compares to the year ago figure $13.81.

Analysts expected EPS in the $14.09 range. Overall sales were up to $57.59 billion from$54.51billion in the corresponding quarter for 2013. while forecasted revenues were %67.46 million.

According to a report by RTTNews.com, Apple beat estimates again with sales of 51 million iPhones in the first quarter, a 7% hike over the other 47.8 million in the year ago figures.Despite the good news, the numbers were below Wall street expectations

While Apple is hoping for a Q2 revenue of $42 billion to $44 billion, analysts are projecting a much higher revenue of $46.05 billion.

On a disappointing front, Apple surpassing analyst expectations did not do enough for its shares, which dropped down to $507.91, a 3-month low for the stock .

The news from Apple set shares of tech stocks moving in a downward trend. Market Share reported that Apple Inc shares were seeing one of their biggest drops after in trading on the heels of poor iPhone sales and a lacklustre report of their revenue in the first Quarter.

The focus of Apple's strategy is to sell its smartphone to emerging markets since western users have already hit a saturation point.

What turned investors off was the slightly less than expected projection for Q2 tagged between $42 billion and $44 billion slashing a couple a billion from the expected $46.12 billion.That move would play poorly on a new deal between Apple and China Mobile, one of the largest service providers in the world .

Gene Munster, of Piper Jaffray told MarketWatch, "The company implies [sales of] iPhones may be close to flat year-over-year in March despite the addition of China Mobile,"

"We believe a number of factors influenced iPhone [sales] in December and March including a slowdown in US smartphone growth," Nasdqac.com reported.