Apple has reported record results during their quarterly report, but the world's most valuable company still missed Wall Street expectations.

Citing below target iPhone sales, shares in the company fell 4% as a result of the financials, released this afternoon in the U.S.

But the company posted record quarterly revenue of US$54.5 billion and record quarterly net profit of $13.1 billion, or $13.81 per diluted share.

These results compare to revenue of $46.3 billion and net profit of $13.1 billion, or $13.87 per diluted share, in the 14-week year-ago quarter.

“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” says Tim Cook, Apple’s CEO.

“We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

Products:

Apple reported a record 47.8 million iPhone sales during the quarter, compared to 37 million in the year-ago quarter.

Yet the sales just fell short of Wall Street expectations, who predicted the Silicon Valley firm would shift around 50 million products.

Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million in 2011.

The company sold 4.1 million Macs, compared to 5.2 million in the year-ago quarter and 12.7 million iPods in the quarter, compared to 15.4 million last year.

“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” says Peter Oppenheimer, Apple’s CFO.

“We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”

Other noteworthy announcements include gross margin standing at 38.6% compared to 44.7% during the same period last year, with international sales accounting for 61% of the quarter’s revenue.

Average weekly revenue was reported at $4.2 billion in the quarter compared to $3.3 billion in the year-ago quarter.

Apple’s board of directors declared a cash dividend of $2.65 per share of the company’s common stock after the report, which is payable on February 14, 2013, to shareholders of record as of the close of business on February 11, 2013.

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