After solid if unspectacular earnings from Apple this week, where does the company go for growth?

Apple (AAPL) reported its first-quarter earnings after market close Tuesday. The company had earnings of $18.4 billion on $75.9 billion revenue, beating consensus projections of $18.22 billion in profit but falling short of a projected $76.67 billion in revenue, according to analysts polled by Thomson Reuters.

There was lots of good news to go around:

Apple saw its best quarterly iPhone sales ever with 74.78 Million Units sold. There are now over 1 billion active Apple devices in use. The first quarter also saw the best ever conversion rate from Android to iPhone. Apple also had its best quarter for Apple Watch and Apple TV Sales. Apple TV expects to expand its streaming capabilities with its own app store, that offers over 3,600 applications from games to entertainment.

Apple Pay is  gaining significant traction and has announced its launch in Canada and Australia. Apple Pay has seen 10-times higher growth rate in the second half of 2015, and has partnered with Exxon Mobile (XOM) to deliver its services to over five million gas stations. Apple Music has also recorded 10 million paying subscribers in the four months after Apple Music’s inaugural three month free trial had lapsed.

What’s more, Apple possesses the an extremely solid balance sheet with over $216 Billion in cash and equivalents. This equates to $39 per diluted share and the company plans to be very active in U.S. and International debt markets in order to deliver capital return activities. Apple’s Buyback Spending Was 29.6% of Net Income in 3Q15.

Yet, the stock was down several points in after-hours trading. What gives? Investors are wondering where growth will come from.

Currency headwinds remain a major concern for the company as about two-thirds of all revenue now originates outside of the U.S. Some 93% of the company’s assets are held overseas. Apple expects a 400 basis point decline in the second quarter due to currency factors.