SAN FRANCISCO (MarketWatch) -- Apple Inc. reported a 54% gain in net income for its fourth fiscal quarter on Tuesday afternoon, though the company managed to miss Wall Street's estimates for the period thanks mostly to lower-than-expected sales of the iPhone. For the quarter ended Sept. 24, Apple AAPL, +1.50% reported net income of $6.62 billion, or $7.05 per share, compared to net income of $4.31 billion, or $4.64 per share, for the same period the previous year. Revenue jumped 39% to $28.27 billion. Analysts had been expecting earnings of $7.38 per share on revenue of $29.7 billion, according to consensus forecasts from Thomson Reuters.