SAN JOSE, CA - OCTOBER 23: Apple CEO Tim Cook speaks during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California. Apple is expected to introduce a smaller, less expensive version of the iPad. (Photo by Kevork Djansezian/Getty Images)
Apple missed Wall Street earnings expectations for the second straight quarter, as iPad sales fell short of analyst forecasts.
The slowdown in the growth of iPad sales was not unexpected. Most customers knew that the iPad mini was on the horizon and that slowed sales. They were right. Apple introduced the new iPad on Tuesday.
Net income in the fiscal fourth quarter was $8.2 billion, or $8.67 per share. That was up 24 percent from $6.6 billion, or $7.05 per share, a year ago.
Analysts polled by FactSet were expecting earnings of $8.84 per share.
Revenue was $36 billion, up 27 percent from a year ago. Analysts were expecting $35.8 billion.
The rare earnings miss caused a selling frenzy just after the closing bell. It was enough for trading to be halted for a time.
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Apple sold 26.9 million iPhones in the quarter, at the high end of expectations, and 14 million iPads.
In its earnings release, Apple said its board of directors has declared a cash dividend of $2.65 per share of common stock.
"The dividend is payable on November 15, 2012, to shareholders of record as of the close of business on November 12, 2012," the company's release said.