After the closing bell on Tuesday, Apple Inc. (AAPL – Analyst Report) disappointed investors’ with fiscal first-quarter results. Though the technology giant beat our estimates on earnings, it missed on revenues and reported the slowest-ever sales for iPhone, suggesting that the company’s period of exponential growth may be ending.

Apple Results in Focus

Earnings per share came in at $3.28, which comfortably surpassed the Zacks Consensus Estimate of $3.24 and improved from the year-ago earnings of $3.06. Apple has now surpassed earnings expectations for 11 quarters in a row. Revenues rose 1.7% year over year to $75.87 billion, but were well below of our estimated $76.41 billion.

Revenue growth has slowed despite impressive sales from Apple Watch and Apple TV that set records in the quarter (see: all the Technology ETFs here).

iPhone sales edged up 0.4% year over year again to a record 74.8 million, representing the slowest growth since the iPhone was introduced in 2007 and missed analysts’ expectation of 75.46 million iPhones. As the Chinese market is showing signs of persistent weakness, it seems that the company is not able to maintain its era of explosive growth. This is especially true as sales in China, including Hong Kong and Taiwan, rose 14% year over year to $18.37 billion in the first quarter compared with 84% growth seen in the prior quarter. Meanwhile, both iPad and Mac sales were down 21% and 3%, respectively.

As a result, the ubiquitous gadget-maker foresees revenues in the range of $50–$53 billion for the ongoing second quarter, the midpoint of which is much below the current Zacks Consensus Estimate of $55.4 billion and marks an 11% decline annually. This represents the first quarterly drop in more than a decade, signaling an end to its recent period of hyper growth and saturation of the smartphone market.

Based on slow iPhone growth and future growth concerns, shares of AAPL fell 2.6% in after-market hours. Apple currently has a Zacks Rank #3 (Hold) with a top Value Style Score of ‘A’ and a solid Growth Style score of ‘B’.

ETFs in Focus

Given this, several ETFs having the largest allocation to this tech titan are in focus for the coming days and investors should closely monitor these funds. For them, we have highlighted four ETFs having double-digit exposure to Apple (read: Want a Better Taste of Apple? Pick ETFs Instead of Stock):  
 
iShares Dow Jones US Technology ETF (IYW – ETF report)