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) --


(AAPL) - Get Apple Inc. (AAPL) Report

sent shockwaves through Silicon Valley when the company reported a rare

earnings blip

after 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.

Tim Cook, Apple's CEO

Speaking during Apple's conference call

new CEO Tim Cook

explained that the recent iPhone 4S launch affected the company's numbers. The imminent arrival of the new iPhone, 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 Wall Street's projections. Analysts, however, see the company's fourth-quarter numbers as a mere

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bump in the road


Apple, which offered robust first-quarter guidance, saw its

shares slip

in the aftermath of its results. The company's stock ended the week $392.87, down nearly 7% overall.

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(IBM) - Get International Business Machines (IBM) Report

was another tech bellwether on deck this week, and Big Blue missed Wall Street's revenue estimate in its

third-quarter results

on Monday. The


component's earnings, however, beat analysts' expectations.

The tech bellwether brought in revenue of $26.16 billion, up from $24.3 billion in the same period last year, but below analysts' forecast of $26.25 billion.

Excluding items, IBM earned $3.28 a share, up from $2.85 in the prior year's quarter. Analysts had predicted earnings of $3.22 a share.

While IBM's software and services businesses continued to enjoy strong growth, its hardware sales were less robust during the quarter, growing just 1% when adjusted for the effects of currency.

Investors, clearly shaken by the revenue miss, pushed IBM's shares southward following the results. The tech giant's stock ended the week at $181.63, off 4.7%


(MSFT) - Get Microsoft Corporation (MSFT) Report

posted an

in-line quarterly profit

on Thursday as robust business PC sales picked up the consumer's slack.

The software giant said it earned $5.74 billion, or 68 cents a share, for the three months ended Sept. 30 on revenue of $17.37 billion. Analysts were expecting earnings of 68 cents per share and revenue of $17.25 billion in the quarter.

Sales of business PCs grew 5% to 35 million units during the quarter as corporations continued to upgrade to Windows 7, while consumer PCs -- impacted by weakness in netbook sales -- were flat. The performance reflected larger trends in the global PC market.

Worldwide PC shipments grew 3.2% last quarter, which was lower than expected because of increased competition from lower-priced tablets and smartphones, according to recent data from Gartner.

Emerging markets like China are an increasingly important source of growth for Microsoft's PC business, and the company said it expects this region to outpace developed markets.

Microsoft also has high hopes for


, the Internet telephony company it acquired earlier this year for $8.5 billion.

Shares of Microsoft closed Friday at $27.16, down 0.4% for the week.


(VZ) - Get Verizon Communications Inc. Report

delivered a

penny beat in its latest quarter

on Friday, posting an adjusted profit of $1.6 billion, or 56 cents a share, on revenue of $27.91 billion.

Analysts surveyed by

Thomson Reuters

expected Verizon to earn 55 cents a share on revenue of $27.88 billion. Verizon Wireless added 1.3 million total connections in the third quarter, including 882,000 retail postpaid customers, which was lower than analysts' estimates of 1.04 billion.

In its wireless division, Verizon said services revenue was $15 billion, up 6.1% from a year earlier, while data revenue rose 20.5%. Verizon said retail postpaid average revenue per user, or ARPU, grew 2.4% over last year's third quarter to $54.89.

The No. 1 telco, like its archrival


(T) - Get AT&T Inc. Report


felt the impact of Apple's decision

not to launch its new iPhone during the quarter, but analysts weren't all that worried for the most part.

"Consistency continues for Verizon," explained Jennifer Fritzsche, an analyst at Wells Fargo, shrugging off the iPhone delay, as well as the storm and strike issues that weighed on Verizon's wireline division. "While there were some one-time impacts affecting both sides of this business, we believe Verizon's third-quarter results show many solid trends and illustrate its strong wireless leadership in an increasingly competitive market."

The stock closed the week at $37.42, up 9 cents for the week.

The other big news in tech on Friday came from


, the online discount deal purveyor, which laid out scaled-back plans for its eventual IPO.

The company

said it will seek to sell 30 million shares at $16 to $18 a share


At the top of that range, Groupon would raise $540 million, nearly 30% less than the $750 million the company was originally seeking. The company is expected to launch its roadshow next week.

Tech earnings season rumbles on next week, with




F5 Networks

(FFIV) - Get F5 Networks, Inc. Report

reporting on Tuesday.


(SYMC) - Get Symantec Corporation Report


BMC Software


post quarterly numbers the following day. Chip giant


(AMD) - Get Advanced Micro Devices, Inc. Report

reports its third-quarter results after market close on Thursday, while

Electronic Arts


reports its second-quarter numbers on the same day.

In gadget news,


(NOK) - Get Nokia Oyj Sponsored ADR Report

kicks off its Nokia World 2011 event in London on Wednesday.

-- Written by James Rogers in New York.

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