Apple Q1 Earnings Disappoint

Is iPhone mania over? Probably not, but Apple's reported first-quarter profits caused shares to drop 5 percent in after-hours trading. The year shattered iPhone sales records (by 10 million), but failed to reach analyst expectations. Not to mention the company recently chopped down its order for iPhone 5 parts and the stock has lost a quarter of its value in the just past four months. But it's not as bad as it sounds: Analysts had predicted reports of 48.3 million in iPhone sales and Apple sold 47.8. Total sales rose 17.7 percent, but missed a forecast of $54.7 billion by $200 million. Before you pity Apple remember that the company's sitting on $137.1 billion.