Apple sets sights on services as iPhone revenue continues to fall

Today, Apple shared its fiscal second-quarter results with shareholders. After a tumultuous first quarter that saw CEO Tim Cook revise the company's guidance weeks before the earnings report was made public, investors and analysts were looking for Apple to divulge some good news—particularly surrounding iPhone sales, its services business, and the situation in China.

Apple somewhat delivered on those fronts, but overall, its Q2 2019 earnings report is a mixed bag. The company made $58 billion in revenue this quarter, which is on the higher end of its expected revenue spectrum ($55 to $59 billion), but down 5 percent year-over-year. iPhone sales made up $31 billion of that total amount, down from $37.5 billion during the same quarter in 2018.

Apple stock jumped over 4 percent after the earnings report was released, pushing the company close to a $1 trillion valuation.