Updated from 4.47 p.m. ET for latest share price, added context, fiscal first-quarter outlook.NEW YORK ( TheStreet) -- Apple ( AAPL) shares swung lower in late trades after the gadget maker surprised Wall Street by falling short of expectations with its fiscal fourth-quarter results. >>>Check out TheStreet's live blog of Apple's report The company reported earnings of $6.62 billion, or $7.05 per share, on revenue of $28.27 billion for its quarter ended Sept. 24. The average estimate of analysts polled by Thomson Reuters was for a profit of $7.39 a share in the September-ended period on revenue of $29.69 billion. This is just the third time the company has missed the consensus view since 2002.
It looks like a shortfall in iPhone sales may have driven the miss. The company said it sold 17.07 million units during the quarter. That's well below an estimate of 20.4 million units from BMO Capital Markets, which has an outperform rating on the stock. iPad unit sales totaled 11.12 million during the quarter, up 166% from last year, while Mac unit sales reached 4.89 million, up 26%; and iPod unit sales saw a 27% year-over-year decline to 6.62 million. BMO Capital was estimating 11 million iPads, 4.3 million Macs, and 6.5 million iPods. Comments from new CEO Tim Cook in the company's press release didn't address Wall Street's expectations for the quarter, choosing instead to focus on full-year performance and the success of its recent iPhone 4S launch. "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 Cook in a statement. "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." For the company's fiscal first quarter ending in December, Apple sees earnings of about $9.30 per share on revenue of roughly $37 billion. That's above the current consensus estimate for a profit of $9.01 a share on revenue of $36.72 billion. Jefferies & Co., which was expected iPhone shipments of 19.8 million, kept a buy rating and $500 price target on the stock after the report, saying it would be purchasing the stock on the pullback because the guidance is solid.