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Apple Misses Wall Street Estimates, Shares Fall

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Bloomberg: For the first time in six years, Apple earnings failed to meet analysts expectations, causing the stock price to fall. The company announced that it earned $6.62 billion, or $7.05 a share, in its fourth fiscal quarter, missing analysts' average expectations of $7.31 a share.

One key reason for the lower-than-expected profits was the late release of the iPhone 4S. Many potential customers put off buying an iPhone until the new phone became available, causing Apple to sell fewer phones than analysts anticipated.

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