Apple Blames Rumors for iPhone Sales Drop, Confident in Record Sales for Holiday Quarter

Yesterday Apple’s current CEO Tim Cook reported that iPhone sales fell short of expectations at 17.07 million units in the fourth fiscal quarter. iPhone sales dropped by 2.4 million. Record iPhone sales for the current quarter would come in above the 20.34 million units set in the third fiscal quarter (second calendar quarter) of this year.

Decline in iPhone sales, as Cook noted, caused by various rumors related to the Apple’s smartphone, especially, when Apple missed its usual June introduction of new hardware. Most of the rumors were about a dramatically redesigned "iPhone 5" offering a larger but thinner design than the current iPhone. Such rumors were incorrect and Apple might still be working on the iPhone 5.