Last week, Apple delivered a rare earnings disappointment.

Hes called it disappointing twice now, but hasnt actually said what happened. Informative!

Apple reported sales of $35 billion, below Wall Street expectations of $37 billion, and said it sold 26 million iPhones, down from 35.1 million in the previous quarter but 28% higher than last year. That result was underwhelming for a company that normally blows away Wall Street expectations.

Wall Street analysts guesses were off in the opposite direction this quarter. Apple doomed.

Apple has a winning product with the iPad tablet, but that device faces increased competition, most notably from newly introduced Google and Microsoft devices.