Wall Street Yawns as Apple Posts Highest Earnings Ever

Shares fall as iPad sales disappoint
By Kevin Spak,  Newser Staff
Posted Oct 19, 2010 7:49 AM CDT
In this April 3, 2010 file photo, people look at the new Apple iPad on the first day of iPad sales at Best Buy in Chicago.   (AP Photo/Paul Beaty, File)

(Newser) – Apple Inc. had one doozy of a quarter, reporting a whopping $20.34 billion in revenue and $4.31 billion in quarterly profits—both good for company records, according to the company’s statement. “We are blown away” by the results, Steve Jobs said, boasting that iPhone sales had soared 91% year-over-year, and now easily outsold RIM devices. He also bashed the coming crop of 7-inch iPad competitors, saying they were "too small" and would be "dead on arrival." You can see the full press release at Boy Genius Report.

But Apple's stock fell more than 6% in after-market trading, because the report revealed that the company had only sold about 4.2 million iPads, well below the 5 million many analysts had predicted, the Financial Times reports. Apple's forecast was also more conservative than expected. "In previous quarters the numbers have blown away Wall Street’s estimates," one analyst told Bloomberg. "These numbers, while still good, are perhaps not the blow-away figures investors are used to."

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