Apple posted revenue ahead of expectations for the October-to-December quarter, but guidance for the iPhone maker’s fiscal second quarter is underwhelming, J.P. Morgan analysts write in a note to investors. For the current March quarter, Apple expects total revenue and iPhone sales to be flat on year, excluding about $5 billion in sales in the January-to-March period last year due to pent-up demand. The adjustments implies total revenue guidance of roughly $90 billion and iPhone sales of about $46 billion, both below J.P. Morgan’s $95.6 billion and $49.4 billion forecasts, the analysts note. Apple shares are down more than 2% pre-market.