• by Gavin O'Malley , Staff Writer @mp_gavin, July 25, 2012

Suffering from the highest of expectations and its own rapid rate of innovation, Apple on Tuesday reported its second quarterly miss in less than a year.

“It was only the second time in 39 quarters the company reported results that missed analysts’ profit and revenue expectations -- the previous was for its quarter ended September 2011,” notes The Wall Street Journal.

“The rare miss highlights how the Apple brand is becoming less resistant to the economic and product cycles that have plagued rivals,” Reuters reports.

Quite simply, consumers appear to be putting their Apple purchases on hold until the company debuts its next iPhone later in the year. “We saw a similar trend occur last year with the iPhone 4S," Channing Smith, co-manager of Capital Advisors Growth Fund, tells Reuters. 

Overshadowed by disappointing iPhone sales, Apple said it sold 17 million iPads last quarter -- an increase of 84% over the same period last year, PCWorld points out. (With 26 million iPhones sold during the quarter, sales were still up 28% year-over-year.)

Sales rose to $35 billion from $28 billion a year ago in the quarter ended June 30, Apple said in a statement. Net profit was nearly $9 billion -- up 20.7% from 2011.

Regarding Apple overall quarterly performance, Gartner Analyst Van Baker told PCWorld: "It was certainly not bad, but short of what the Street expected."

“Investors are focused on how well the iPhone is selling since it accounts for more than half of revenue,” writes Forbes. “Apple has been enjoying spectacular demand for the iPhone 4S, released in October, in the U.S. and in China, it’s fastest-growing market.”