There may not have been a new iPhone this past summer, but Apple continued to ride high in its fiscal fourth quarter anyway, reporting record sales of the Mac and iPad product lines as well as the company’s highest September quarter revenue and earnings ever -- but go figure, the analysts are looking at the glass as half empty anyway.

Apple announced its quarterly financial results for the fiscal 2011 fourth quarter which ended on September 24. Even without a new iPhone over the summer, the company still racked up quarterly revenue of $28.27 billion and quarterly net profit of $6.62 billion, or $7.05 per diluted share. Last year at the same time, Apple had revenue of $20.34 billion and net quarterly profit of $4.31 billion, or $4.64 per diluted share. The company’s gross margin was 40.3 percent compared to 36.9 percent in the same quarter a year ago, with international sales accounting for 63 percent of the quarterly revenue.

That may sound like good news to many of us, but Wall Street looked at the report glumly, with Apple missing their own expectations of $7.22 per share and revenue of $29.5 billion. According to FactSet data reported by The Wall Street Journal, Apple hasn’t missed earnings forecasts since the second quarter of 2002, but others are saying sometime in 2004 instead. Whatever the case, the stock fell eight percent after hours but rebounded just a bit to close at $398 per share.

While Apple has already sold more than four million iPhone 4S devices in the first weekend which won’t be accounted for until next quarter, the company still managed to move 17.07 million of the older handsets in the current quarter, a 21 percent year-over-year growth and certainly nothing to sneeze at. 11.2 million iPads flew out the door, marking a 166 percent increase from the same quarter last year, with 4.89 million Macs also finding homes in the quarter, a 26 percent unit increase.

“We are thrilled with the very strong finish of an outstanding fiscal 2011, growing annual revenue to $108 billion and growing earnings to $26 billion,” said Tim Cook, Apple’s CEO. “Customer response to iPhone 4S has been fantastic, we have strong momentum going into the holiday season, and we remain really enthusiastic about our product pipeline.”

One product category that took a hit was the iPod, which sold only 6.62 million units during the quarter, marking a 27 percent decline from the same quarter last year -- but certainly not bad for a lineup that’s now a decade old, and the iPod continues to hold more than 70 percent market share.

“We are extremely pleased with our record September quarter revenue and earnings and with cash generation of $5.4 billion during the quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the first fiscal quarter of 2012, which will span 14 weeks rather than 13, we expect revenue of about $37 billion and we expect diluted earnings per share of about $9.30.”

As usual, Apple held a conference call to provide further highlights and field questions from analysts and investors, with CEO Tim Cook noting that it marks the first since the passing of co-founder Steve Jobs. “The world has lost a visionary and an amazing human being,” Cook stated. “He was an amazing leader and mentor. His spirit will forever be the foundation of Apple, and we are dedicated to continuing the amazing work that he loved so much.”

Cook then got down to business by turning things over to CFO Peter Oppenheimer, who repeated most of the details from Apple’s earlier press release before throwing out some additional numbers. These included iTunes Store revenue of $1.5 billion, 180 million iBooks sold, $11 billion in revenue from iPhone handsets and accessories, and six billion downloads of OS X Lion in the quarter.

Asia-Pacific growth doubled year over year, which the company was expecting to fall when it became clear in June that no new iPhone was on the horizon. The handset is now available on 230 carriers in 105 countries, with Consumer Reports listing the device with its highest customer satisfaction rating for the sixth consecutive time. 93 percent of Fortune 500 companies are now either deploying or testing the iPhone, up from 91 percent last year.

The App Store is also flying high, with 22 more countries enlisted during the quarter for a total of 123. Retail stores are also enjoying “very strong” year-over-year growth, particularly for Mac and iPad sales, which enjoyed their best quarter ever -- which no doubt helped lessen the blow from the iPhone 4S being unveiled in fiscal Q1 2012 instead.

Last but not least, during the closing question and answer session, Cook proclaimed confidence that Apple would have record sales for the next quarter, which includes the all-important holiday season. That quarter will also bring the iPhone 4S to another 22 countries at month’s end, with even more coming by year’s end -- so while the analysts may be bummed out now, come mid-January they should be shiny, happy people all over again.

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