Apple reported a 54 percent gain in net income in the fourth fiscal quarter but missed analysts' expectations, sending shares dropping.

Apple had a net income of $6.62 billion and revenue of $28.27 billion, or $7.05 per share, less than the $7.38 per share and revenue of $29.69 billion predicted by Wall Street.

It was the first time Apple missed earnings forecasts since 2004, according to Reuters. The stock fell eight percent in after-hours trading and is now down around five percent. It had closed last Friday at $422 per share.

The lower earnings were largely due to iPhones sales, which totaled 17.07 million, less than the forecasted 20 million. iPad sales were 11.1 million.