Apple Earnings Fail to Meet Expectations

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Consumers are buying cheaper Apple products. That's a disappointment for investors who thought the company would keep boosting profits and revenues at its previous breakneck pace.

On Tuesday, Apple Inc. revealed that both revenue and net income posted increases of just over 20 percent - cause for celebration at most companies, but meager by Apple standards.

The growth was the slowest in more than two years, and failed to meet analyst expectations.