Apple's growth lower than expected

More consumers are buying the least expensive versions of Apple's (NAS: AAPL) iPhones and iPads, a new phenomenon that is causing the company's breakneck growth rate to slow.

Apple revealed that both revenue and net income posted increases of just over 20% - cause for celebration at most companies, but meagre by Apple standards. Apple's growth was the slowest in more than two years and failed to meet analyst expectations.