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Apple Announces Record Revenue in Fourth Quarter Earnings Report, But Shares Still Drop

Photo Courtesy - Apple Inc.(CUPERTINO, Calif.) -- Apple Inc. on Monday announced record revenue and net income totals for the fiscal fourth quarter.  According to its fourth quarter earnings report, the electronics company's net income increased 70 percent compared to the same time period last year, and its revenue improved by 67 percent.

"We are blown away to report over $20 billion in revenue and over $4 billion in after-tax earnings -- both all-time records for Apple," said Apple CEO Steve Jobs.  "iPhone sales of 14.1 million were up 91 percent year-over-year, handily beating the 12.1-million phone RIM sold in their most recent quarter," Jobs continued.  "We still have a few surprises left for the remainder of this calendar year."

Despite Jobs' optimism, Apple shares dropped nearly six percent after the report was released Monday due to iPad sales falling short of expectations. The company sold 4.2 million iPads during the fourth quarter, falling short of the five million mark predicted by analysts.

Apple CFO Peter Oppenheimer said that Apple Inc. expects revenue of "about $23 billion" in the first fiscal quarter of 2011.

Copyright 2010 ABC News Radio

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