Apple's stock got a nice boost on Tuesday after the company posted better-than-expected results for its fiscal second quarter.
Of course, it's worth keeping in mind that Apple didn't have a very high bar to clear. Wall Street expecations were low, as the company faces slowing demand for its main money maker, the iPhone. While Apple's revenue "beat" expectations, its overall business is shrinking.
Here's a closer look at how the various parts of Apple's business empire — from iPhones sales to its R&D budget — fared in the first three months of 2019.
The $58 billion in fiscal Q2 revenue was below the $61.1 billion revenue that Apple generated in the year-ago period.
It was the second consecutive quarter in which Apple's revenue has shrunk on a year-over-year basis.
The cause of Apple's revenue decline is the iPhone.
Every segment in Apple's business, from Macs to Services, were stable or grew during fiscal Q2; even the long-troubled iPad business managed to grow revenue.
But iPhone sales took a big tumble, coming in $7 billion below where they were at this time last year.
The blue segment of the bars on the chart represent Apple's iPhone sales. As you can see, it's the biggest part of the chart, comprising the majority of Apple's business.
iPhone's revenue contribution has fluctuated over the years, but it's never dipped below 50% of total revenue since at least 2013. As Apple seeks to diversify its business, the iPhone's percentage of the company's total revenue will be an important metric to watch.
