Apple may have experienced record iPad sales during its fiscal fourth quarter, selling 11.1 million units, but iPhone sales fell short of expectations. Apple sold only 17.07 million iPhones, a number that falls significantly short of the 20 million forecasted.
Overall, Apple reported fourth quarter earnings at $7.05 per share, on revenue of $28.3 billion. Analysts had expected Apple to earn $7.22 per share, on revenue of $29.5 billion, causing Apple to miss an earnings forecast for the first time since 2002.
Disappointing earnings caused Apple stock to fall approximately 8% after hours, though it has been climbing back up towards Friday’s record high of $422. Quarterly net profit came in at $6.62 billion.
Apple is expecting first fiscal quarter earnings of $9.30 a share, which is higher than the predicted $9.03 that analysts expected. The company forecasts $37 billion in first quarter revenue, beating the expected $36.7 billion.
Though the numbers were below expectations, a year ago Apple had a revenue of $20.34 billion and a net quarterly profit of $4.41 billion, or $4.64 per share. Gross margin in 2011 came in at 40.3 percent compared to 36.9 percent a year ago. iPad sales increased 166 percent, while iPhone sales increased just 21 percent, compared to last year.
Apple’s quarterly earnings report is currently ongoing, so stay tuned for more information later this evening.