Sales of Apple Inc. iPhone device in the forth quarter fell short of analyst estimates this week.

Apple this week reported it sold 17.07 million iPhones in Q4, below the 20 million units estimated by analysts, which concluded buyers held out for the release of the iPhone 4S.

Fourth quarter profit increased to $6.62 billion to increase from $4.31 billion, a 54 percent increase from one year prior.

Apple CEO Tim Cook admitted iPhone the decline in iPhone demand was ‘substantial’ in the second half of the last quarter.

Apple this week said it sold 4 million iPhone 4S units at launch in the first three days of sale to set a new sales record for the device.

The sales figure beat the previous record held by the iPhone 4 at 1.7 million units sold in three days.

Apple in Oct. said pre-order sales for the iPhone 4S have topped 1 million units in the first 24 hours of pre-order sales.

The figure surpasses the prior record of 600,000 units sold in one day made by the iPhone 4.

In addition, AT&T Inc., Verizon Wireless, and Sprint Nextel Corp. sold out of initial pre-order stock for the iPhone 4S days prior to launch.

The iPhone 4S began sale at brick and mortar retail stores Oct. 14.

The device will be sold in more than 22 countries by the end of the month.

The iPhone 4S will include the A5 Dual-Core CPU, 8MP camera, 1080p HD video recording functionality, iOS 5, and a new voice command protocol called Suri.

The iPhone utilizes the iOS operating system used in iPod Touch and iPad 2 products.

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