Apple released earnings results for the first quarter of its 2019 fiscal year on Jan. 29, posting a 5 percent drop in revenue — marking the company's first revenue decline during a holiday season in more than 10 years.
Here are five things to know about the Cupertino, Calif.-based tech giant's performance:
1. The company posted $84.3 billion in revenue for the quarter, down 5 percent from $88.3 billion the company reported during the first quarter of 2018. In November, Apple projected its first-quarter revenue would be in the range of $89 billion to $93 billion.
"While it was disappointing to miss our revenue guidance, we manage Apple for the long term, and this quarter's results demonstrate that the underlying strength of our business runs deep and wide," Apple CEO Tim Cook said in a news release.
2. The iPhone accounted for most of Apple's revenue in the first quarter ($52 billion), despite iPhone revenue dropping 15 percent from $61.1 billion one year prior. During the company's earnings call, Mr. Cook attributed some of the iPhone's revenue decline to customers keeping their smartphones for longer and slowing demand in China.
"Our customers are holding on to their older iPhones a bit longer than in the past," Mr. Cook said on the call, according to CNBC. "When you paired this with the macroeconomic factors particularly in emerging markets, it resulted in iPhone revenue that was down 15 percent from last year."
3. Other products, such as Apple's Mac and iPad, experienced sales growth. Apple's wearables, home and accessories business, for example, reached an all-time high at $7.3 billion — up 33 percent from last year's $5.5 billion
4. The plurality of Apple's revenue in the first quarter — $36.9 billion, or 43.8 percent of total revenue — was from product sales in the Americas. International sales accounted for 62 percent of the company's quarterly revenue.
5. Apple officials project the company's revenue for the second quarter will be in the range of $55 billion to $59 billion.