So why did this fall below the expectations of the analysts? The article gives one clue:
"Well, even though Apple’s own guidance for the quarter was $25 billion in revenue, analysts seem to have wised up to Apple’s always-low estimates and were projecting numbers far higher: they were looking for around $29.5 billion. Apple came in at $28.27 billion."
The analysts assumed that Apple would do so insanely well that the only way to accurately predict how well they would do was to wildly overestimate. Turns out, they did overestimate.
Here are a few alternate headlines that could be applied equally well to this story:
"The iPhone 4S launch gives Apple second best quarter ever"
or
"Apple exceeds their expected revenue by $3.27 billion dollars"
I'd rather read about what actually happened and why, then to read about how somebody misestimated what was going to happen.