Artist's rendering of the next generation iPhone  (Source:
Consumers are waiting to upgrade since the new iPhone and iOS 6 will be released this fall

Apple's recent financial earnings report for the second quarter failed to impress Wall Street, but Apple says consumer anticipation for new products/software and a slow economy are to blame. 
Apple recently posted $35 billion in sales and a net profit of $8.8 billion ($9.32 per share) for Q2 2012, which missed Wall Street estimates of $37 billion in sales and a net profit of $10.36 per share.

This isn't terrible by any means, considering the company reported $28.6 billion in revenue and a net profit of $7.3 billion ($7.79 per share) during the same quarter last year. It also managed to sell 26 million iPhones and 17 million iPads in the quarter ended June 30, 2012. However, the tech giant still missed the bar set by analysts. 
Apple CEO Tim Cook and Chief Financial Officer Peter Oppenheimer said economies in Europe and countries like Brazil, Australia and Canada have put a damper on Apple earnings in the three-month span to June 30, 2012. China's economy also grew at its slowest pace in three years during the second quarter, according to Reuters
In addition to slow economies, Apple blamed rumors of upcoming devices for Apple's financial shortfalls. The next-generation iPhone is just around the corner, meaning many Apple users are waiting to upgrade until the fall release. 
The new iPhone, which is expected to have a September launch, is to offer new features like a smaller 19-pin dock connector (as opposed to the usual 30-pin), a longer screen size of 3.999 inches diagonally, a relocated headphone jack, centered camera, and a unibody casing with metal backplates. 
Along with the new iPhone will come Apple's upcoming mobile operating system, iOS 6. 

Source: Reuters

"We don't know how to make a $500 computer that's not a piece of junk." -- Apple CEO Steve Jobs

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