In rare miss, Apple 4Q earnings disappoint

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NEW YORK (AP) — Apple failed to set a new sales record in the last three months of founder and CEO Steve Jobs’ life. Its financial results came in below expectations — a rare miss for the company.

After several record quarters, the July-to-September period saw Apple biding its time, with no new iPhone or iPad releases.

Net income in the fiscal fourth quarter was $6.62 billion, or $7.05 per share. That was up 54 percent from $4.31 billion, or $4.64 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $7.28 per share.

Revenue was $28.3 billion, up 39 percent. Analysts were expecting $29.4 billion.

Apple sold 17.1 million iPhones in the quarter, well below analyst expectations and the 20.3 million sold in the third quarter.