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The Apple Inc. logo hangs inside the newest Apple Store in New York City's Grand Central Station December 7, 2011, during a press preview of the store, which opens to the public on Friday. Credit: Reuters/Mike Segar By Poornima Gupta SAN FRANCISCO | Fri Oct 26, 2012 12:55am EDT SAN FRANCISCO (Reuters) - Apple Inc delivered a second straight quarter of disappointing results and iPad sales fell well short of Wall Street's targets, marring its record of consistently blowing past investors' expectations. Shares in the world's most valuable technology company briefly dipped to levels not seen since the start of August, after it delivered a 27 percent rise in fourth-quarter revenue and a 24 percent increase in earnings. The numbers, while in line with expectations, lacked the positive surprises that investors have grown used to, and came after Apple undershot revenue targets in the previous quarter. Its shares bounced back after CEO Tim Cook told analysts on a conference call that the latest iPhone 5 was heavily backlogged but the company had mostly worked out kinks in its supply chain. Apple shipped 26.9 million iPhones in the last quarter, just ahead of analysts' predictions, but iPad sales of 14 million were well below lowered forecasts for the tablet as the economy remained weak and consumers awaited the iPad mini, which will hit store shelves next month. South Korean rival Samsung Electronics Co sold 56.3 million smartphones in the quarter, according to research firm IDC, giving it 31.3 percent global market share, more than double that of Apple. FEVERED COMPETITION Analysts say the real test for Apple will come during the crucial year-end holiday shopping season, when competition will reach fever-pitch against new gadgets from Amazon.com Inc, Google Inc and Microsoft Corp. "Going into earnings we were wondering if the slowing economy will catch up with Wall Street, and it has," said Channing Smith, co-manager of the Capital Advisors Growth Fund. "Apple is very well positioned with the iPad and now the iPad mini. It has a great smartphone and we expect the iPhone 5 to sell very well. The outlook is conservative, but that's not surprising. Err on the side of caution is a proven formula." Apple heads into the current quarter after refreshing almost all of its product lines, including introducing an upgraded, fourth-generation full-sized iPad. The December quarter will show how well consumers respond to its latest gamble - the iPad mini - which goes on sale on November 2. Quarterly revenue in China, Apple's second-largest market, rose 26 percent, and jumped nearly 80 percent to $23.8 billion over the full year, contributing 15 percent of Apple's total, Cook told analysts. Apple plans to launch the iPhone 5 in China in December, hoping to staunch market share loss in what is set to become the world's largest smartphone market this year. Apple's China smartphone market share almost halved to 10 percent in April-June as buyers waited for the iPhone 5. ONE WEEK LESS For the December quarter, Apple forecast revenue of $52 billion, below the average estimate of $55 billion, according to Thomson Reuters I/B/E/S. It expects margins of 36 percent, far lower than analysts' expected 43 percent. Chief Financial Officer Peter Oppenheimer mostly attributed the lower margin and conservative guidance to a combination of a stronger dollar, higher costs associated with new products, and the fact that Apple's next fiscal quarter has one less week than the same period a year ago. Apple's stock was holding steady at $609.40 in extended trade after flirting with the $600 level. The shares had ended regular trade at $609.54. Supply constraints holding up sales of the iPad and iPhone dominated discussions between analysts and Apple executives during the post-results conference call. Apple had struggled to deliver large quantities of the iPhone 5 since its launch in late September, with the waitlist for the device at one point stretching to three weeks in some regions. "Our supply output is significantly higher than it was earlier in October," Cook said, referring to the iPhone 5. "And I'm confident we'll be able to supply quite a few during the quarter." CAR THAT FLIES AND FLOATS Cook also opined on Microsoft's new Windows 8-based Surface tablet that will hit stores early on Friday. "I haven't personally played with the Surface yet, but what we're reading about it, is that it's a fairly compromised, confusing product," he said. "I suppose you could design a car that flies and floats, but I don't think it would do all of those things very well." Despite the lackluster fourth quarter, Apple put up big numbers for the year, ending its fiscal 2012 with a 45 percent increase in revenue to $156.5 billion, while net income was up 61 percent at $41.7 billion. For the final fiscal quarter, it posted net income of $8.2 billion, or $8.67 a diluted share, on revenue of $35.96 billion, versus $6.6 billion, or $7.05 a share, a year earlier. Analysts had expected on average that Apple would earn $8.75 per share. Apple ended the quarter with $121.3 billion in cash and securities, of which $83 billion was offshore. (Additional reporting by Melanie Lee in SHANGHAI; Editing by Richard Chang, Edmund Klamann and Ian Geoghegan) Investing Simplified Tech Hot Stocks Asian Markets Media iPad Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. 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For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) CJWill wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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