Apple Falls Short of Earnings Estimate for First Time in Seven Years

On Tuesday, Apple announced quarterly earnings for its 2011 fiscal fourth quarter, which ended September 25th. Incredibly, Apple fell short of analyst estimates. Analysts had predicted that Apple would report earnings of $7.39 per share on revenue on $29.69 billion. Instead, Apple earnings came in at $7.05 per diluted share on revenue of $28.3 billion. …   Read More

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On Tuesday, Apple announced quarterly earnings for its 2011 fiscal fourth quarter, which ended September 25th. Incredibly, Apple fell short of analyst estimates. Analysts had predicted that Apple would report earnings of $7.39 per share on revenue on $29.69 billion. Instead, Apple earnings came in at $7.05 per diluted share on revenue of $28.3 billion.

Today narked the first quarterly earnings report since Steve Jobs’ departure as CEO and eventual passing. It was also the first earnings miss for Apple since 2004. Consequently, in after-hours trading, shares of Apple (AAPL) plunged better than 7%.

Not withstanding the initial disappointment, Apple still saw its earnings grow dramatically over the same quarter last year. For the quarter, Apple sold 17.07 million iPhones, 11.2 million iPads, and 4.89 million Macs.

“We are thrilled with the very strong finish of an outstanding fiscal 2011, growing annual revenue to $108 billion and growing earnings to $26 billion,” said Tim Cook, Apple’s new CEO. “Customer response to iPhone 4S has been fantastic, we have strong momentum going into the holiday season, and we remain really enthusiastic about our product pipeline.”

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