SAN JOSE, Calif. — Apple Inc. blew past Wall Street's bullish expectations in the first quarter with a 57 percent jump in profit, but a dramatically lower forecast sent shares plunging on fears about slowing consumer spending on electronics.

The Cupertino-based company's report, released after the market closed yesterday, reinforced investors' worries that even a hot company like Apple isn't immune from sluggishness in the U.S. economy or fears of a recession.

The company forecast profit in the first quarter of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue also is expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts.

Apple's guidance has historically been conservative, but such a divergence from Wall Street's estimate spooked investors already skittish about the economy.

Apple chief financial officer Peter Oppenheimer said the forecast still reflects rapid growth at the company.

"Our business performed very well in the December quarter, and we remain very confident in our products and our strategy," Oppenheimer said.

Other Apple executives declined to comment on economic factors such as sluggish consumer spending that may have weighed on second-quarter guidance.

Shareholders had hoped Apple's results would be a high point in a market otherwise marred by bad news. Instead, the company became emblematic of yesterday's broader market tumble, which saw the tech-laden Nasdaq composite index fall 47.75 points to 2,292.27.

Apple shares fell $16.94, or 11 percent, to $138.51 on the disappointing forecast in after-hours trading yesterday. The stock already had fallen $5.72, or more than 3 percent, to close at $155.64 during regular trading.