Apple executives, meanwhile, downplayed the break in iPhone sales momentum, saying rumors buzzing before the launch last week of the iPhone 4S caused people to wait to snap up the latest model.
Word spread Tuesday that Apple retail stores would close in homage to Jobs during the workplace tribute.
His health failing, Jobs, for whom a private memorial will be held Wednesday at Apple headquarters in Cupertino, California, had stepped down as chief executive in August and was replaced by Cook.
Cook unveiled the 4S on October 4, one day before visionary Apple co-founder Jobs died following a long battle with cancer.
And while the new iPhone 4S is superb, people had anticipated a dazzlingly different fifth-generation Apple smartphone, according to Enderle.
''Steve Jobs always beat the street because he was expert at managing expectations,'' Enderle said, noting that the stock was punished because Wall Street thought Apple's fourth quarter earnings would be better.
It was the second miss for Apple when it came to managing market expectations, according to independent Silicon Valley analyst Rob Enderle.
But analysts had expected iPhone sales to be stronger.
The company saw iPhone sales rise to 17.07 million and Macintosh computer sales climb to 4.89 million in 26 and 21 percent increases, respectively, from the third fiscal quarter in 2010.
''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.''
''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 Apple chief executive Tim Cook.
The enviable earnings, however, did not measure up to expectations Wall Street had set for Apple and the company stock price slid more than six percent to $394.05 in after-hours trading.
The iconic California company reported record-high September quarter profit of $6.62 billion on revenue of $28.27 billion boosted by iPad sales that nearly tripled to 11.12 million in comparison with the same period last year.
SAN FRANCISCO (AFP) – Apple's net profit in the recently-ended quarter soared with booming iPad sales but its stock sank Tuesday on the eve of a workplace tribute to Steve Jobs due to missed iPhone expectations.
