LEADING THE DAY: Mary Meeker highlighted 10 key Internet trends in her speech at the San Francisco Web 2.0 Summit on Tuesday, highlighting mobile growth and the increasing importance of mobile devices.

Meeker, who has been called the “Queen of the Net,” said that mobile devices are empowering users and are a key area in which Americans lead innovation — an important point as Internet companies from China and Russia gain prominence. She also highlighted the importance of e-commerce and advertising and touched on the debate over authenticating Web identities.

Apple misses estimates: In a rare miss for Apple, the company reported earnings that came in below analyst estimates prompting a late sell-off of the stock. Sales of the iPhone were lighter than expected, though the company still announced that it had sold 17 million units. Apple CEO Tim Cook said that late rumors about the iPhone prompted people to hold off on purchasing handsets; analysts said that expectations for the company have gotten out of hand.

The company faces increased competition from Google, which launched a new version of its Android platform Tuesday, introducing a unified system for smartphones and tablets.

T-Mobile: Public Knowledge has asked the FCC to ask Deutsche Telekom, T-Mobile’s parent company, what it will do with the country’s fourth-largest carrier if AT&T fails in its $39 billion bid for acquisition. The advocacy group’s legal director, Harold Feld, said that recent comments from Deutsche Telekom had indicated that the company had a back-up plan for T-Mobile, which he said contradicts the narrative that has been presented thus far. “These revelations raise several important questions about T-Mobile’s helplessness without AT&T, which AT&T has explicitly relied upon in contending that this merger serves the public interest,” Feld wrote in a letter to the agency.

Yahoo earnings: Yahoo also reported earnings Tuesday, posting a mediocre quarter that the Associated Press reports will likely put pressure on the company’s board to look into a sale or break-up of assets. The company posted a $1.07 billion revenue, down 5 percent from the same period the previous year.

The third quarter was Yahoo’s last under the direction of fired chief executive Carol Bartz.

CTIA wants more funding: CTIA — The Wireless Association is urging the Federal Communications Commission to expand the Mobility Fund, the Hill reported. Last week, FCC chairman Julius Genachowski announced a plan to reform the Universal Service Fund, which would reallocate the money for efforts to expand broadband access. The commission is scheduled to vote on Genachowski’s plan next Thursday.