|Apple reports its fourth-quarter results after market close.|
CUPERTINO, Calif. ( TheStreet) -- Apple ( AAPL) reported its fourth-quarter results after the market close on Tuesday, missing the consensus profit view for just the third time since 2002. The gadget maker brought in revenue of $28.27 billion and earned $7.05 a share, much to the surprise of Wall Street. Analysts surveyed by Thomson Reuters were looking for sales of $29.69 billion and earnings of $7.39 a share.
The numbers weighed heavily on the company's shares in extended trading, pushing Apple's stock down $28.14, or 6.7%, to $394.10 on volume of 7.1 million, according to Nasdaq.com. Expectations for the iPhone maker had been running high prior to its results. There had even been chatter that Apple may post the best sales results in its history. Speaking during Apple's conference call new CEO Tim Cook explained that the recent iPhone 4S launch impacted the company's numbers. The imminent arrival of the iPhone 4S, he said, compelled many customers to push back their purchases until after the September quarter ended. As a result, Apple sold just 17.07 million iPhones during the quarter, well below analysts' projections. BMO Capital Markets, for example, was looking for 20.4 million units, while Ticonderoga Securities expected the tech giant to sell almost 22 million iPhones. The consumer tech giant nonetheless offered robust guidance for its fiscal first quarter, projecting earnings of about $9.30 a share and revenue of roughly $37 billion. The current consensus view is for earnings of $9.01 a share and sales of $36.72 billion. Check out TheStreet's blog recap of Apple's results --Written by James Rogers in New York >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org