Summary Box: Apple’s 4Q results fall short

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SALES SHORTFALL: Apple’s iPhone sales came in below analyst expectations, dragging down the company’s overall revenue and profit for the July to September period.

ALL IN THE TIMING: The launch of the new iPhone model was unusually late this year. There’s usually a new model at the beginning of July. When it didn’t arrive, analysts penciled it in for September. It actually came at the beginning of October, putting the sales surge outside the quarter.

THE OUTLOOK: Apple expects sales to be back with the vengeance in the current quarter. For once, its forecast is above analyst estimates.