Apple Sells Record Number of iPhones, Shares Fall

For Apple, today is part good news, part bad news. While the tech giant reported better-than-expected earnings on an increase in revenues, and record sales of iPhones during its fiscal fourth quarter, investors apparently aren't all impressed.

For the three-month period ended September 28, Apple reported $37.5 billion in revenue, topping the $36.8 billion analysts had expected and marking a 4 percent increase from the same period last year.

From those revenues, Apple earned a net profit of $7.5 billion, or $8.26 a share, down from $8.2 billion, or $8.67 a share, a year ago. Analysts had expected earnings of $7.93 a share.

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The quarter also set a record for iPhone sales, which Apple says reached 33.8 million. That's compared to 26.9 million in the year-ago period. In September, Apple released its updated iPhone 5S and 5C models.

Sales of the iPad remained flat during the quarter at about 14 million sold, the company said.

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For the 12-month period, Apple reported net sales of $170.9 billion, up from $156.5 billion in fiscal 2012. Profits were down for the year as well as the quarter, with Apple racking in $37 billion in net income compared to $41.7 billion last year.

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Despite "a strong finish to an amazing year," as Apple Chief Executive Tim Cook said in a release, investors didn't seem as pleased with the results. Apple stock was down about 3 percent in after hours trading.

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