Apple's high profit still below Wall Street's expectations

GlobalPost

The world’s most valuable company released its fourth quarter report Tuesday showing a 54 percent increase in quarterly revenue compared to last year's earnings in the same period.

Apple yielded over $28.27 billion in revenue and $6.62 billion in net profit amidst the recent death of Apple co-founder and former CEO Steve Jobs.

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Apple’s 2011 annual earnings totaled $26 billion with $108 billion in revenue. “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,” Apple CEO Tim Cook said in a press release.

Sales for Apple products ranging from their iPods and Mac computers grew since last year, with iPads seeing the largest sale growth of 166 percent.

Despite the company’s success, the numbers released by Apple was not enough to satisfy Wall Street’s expectation, with shares dropping roughly 6 percent. Analysts surveyed by Bloomberg predicted Apple would sell 20 million iPhones, compared to the reported 17.07 million.

The dip in iPhone sales in September had largely to do with customers holding out for the newer iPhone 4S released mid-October, according to the BBC.

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