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Apple reveals more record financials, but Wall Street isn’t happy


Apple announced its fiscal Q4 results last night, and despite continued growth in device sales, revenues and profits, met a less-than-enthusiastic reception from Wall Street. Apple’s Q4 revenues were $28.27 billion, with a net profit of $6.62 billion – up from $20.34 billion and $4.31 billion a year ago. It sold 17.07 million iPhones, 11.12 million iPads and 6.62 million iPods, and ended the quarter with a cash mountain of $81.6 billion. So why the investor gloom? Apple beat its own predictions for Q4, but fell short of what analysts were expecting, leading to the company’s share price falling 8% after the financials were announced. However, Apple is predicting a monster quarter to end 2011, predicting $37 billion of revenues thanks in part to the new iPhone 4S. CEO Tim Cook was also bullish about competition for the iPad tablet. “When you really assess this thing and look at iOS 5, iCloud, the ecosystem with iTunes and the App Store and books and movies, and the fact that we have over 140,000 native apps for iPad versus a number in the hundreds for the other guys, I feel very, very confident about our ability to compete, and extremely confident in our product pipeline.” Read more:http://tinyurl.com/69tvpsf

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