Apple Inc. shares are down after hours after the company reported fiscal first-quarter earnings that beat the Street pretty handily, but revenue and some of the innards of the report were less than investors expected.

This report, and importantly, the outlook for the next quarter, aren't going to do anything to break the impression that Apple's competitors are finally gaining ground, after years of flailing helplessly while the geniuses from Cupertino ran roughshod over the tech world.

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