Apple says sales fell in the first quarter

No, the sky isn't falling, but Apple's bottom line was hit hard by poor performance across its entire product line in China.

Apple has announced their 2019 Q1 earnings, selling $51.9 billion worth of iPhones with quarterly revenue of $84.3 billion Dollars, a decline of 5% year on year.

"This is the defining moment for Cook", said Wedbush Securities analyst Daniel Ives.

The results for the October-December period were slightly above analysts' expectations that were lowered after Cook's January 2 warning.

Revenue from the maker of iPhones came in at $84.31 billion, slightly higher than the company estimated earlier this month, when it warned that sales would fall to about $84 billion.

Revenue from iPhone declined 15 percent from the prior year, while total revenue from all other products and services grew 19 percent. Analysts, meanwhile, were anticipating revenue to fall in the $84 billion range with EPS somewhere around $4.17.

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Apple also said it is expecting lower revenues next quarter - between $55 billion and $59 billion - compared to the same time a year ago, when it reported revenues of $61.1 billion.

FBN's Susan Li reports on Apple's first-quarter earnings.

Apple's board of directors has declared a cash dividend of $0.73 per share of the Company's common stock.

"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", said Tim Cook, Apple's chief executive. Many had hoped that it would be the beginning of expanded efforts by Apple to assemble more of its products in the US instead of China, where it's historically relied on third-parties to manufacture computers, iPhones, and iPads. However, most analysts remain anxious that the iPhone sales slump will continue into 2020.

Cook, who is in regular contact with U.S. President Donald Trump, said trade tensions with China, which may have depressed sales of its phones, were easing.

Among them are higher prices - Apple's most expensive iPhone now costs $1,350 - for newer models that aren't that much better than the previous generation, giving consumers little incentive to stop using the device they already own until it wears out.