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Apple's earnings report has disappointed Wall Street, missing expectations on profits, but Apple should also be disappointed in itself, as it still hasn't reached peak 4S sales levels. The company reported revenue of $41 billion and profits of $8.2 billion, or $8.67 per share, which included 27 million iPhone sales. Analysts expected earnings of $8.75 a share. The miss has Apple's stock trading less than a percentage down, after-hours. 

As you can see above, the phone numbers are slightly up from pre-iPhone 5 days (last quarter). That's still around 10 million fewer phones than Apple sold after the iPhone 4S release at the end of 2011, which to be fair, included the holiday season. Apple did not disclose how many iPhone 5s were included in those sales. The phone was only available for nine of those days. But, analysts had been disappointed in those record breaking weekend numbers, which were later blamed on supply—not demand!—issues. Given the circumstances, we're willing to give Apple another quarter that includes a holiday devoted to gift giving before we say the phone peaked. But the trend's not looking good. 

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