Apple today shared its fiscal first-quarter revenue with shareholders. As investors feared and as previously warned, Apple posted revenue of $ 84.3 billion for the quarter ending in December, missing revenue expectations in the quarter by around $ 4 billion.
CEO Tim Cook primarily credited macroeconomic conditions in China and their impact on iPhone sales in that region for the failure to meet expectations. That said, the company reported that every part of its business besides the iPhone was up year over year, as was overall revenue in the United States and Europe. The quarter was its second best ever in terms of revenue.
Investors were waiting for the report with bated breath after the company announced earlier this year that it expected to miss its revenue target for the quarter. Apple stock has taken a considerable tumble in recent months thanks to fears about smartphone market saturation, trade tensions between the United States and China, and other unfavorable market conditions in China.