Welcome to the Tech Meme Ride Home for Thursday, May 1st, 2019. I'm Brian McCullough today.

Apple's earnings were bad, but investors rejoiced.

And recent Horowitz is continuing its transformation.

Eric Schmidt is leaving Google's board.

Don't sleep on Hulu in the streaming wars and some thoughts on Facebook's F8. Here's what you miss today in the world of

tech. And just like that tech earning Season groans to a close.

Apple reported Q2 revenue of $58 billion down 5% year over year.

iPhone revenue was $31.1 billion down from 37.6 billion

year over year. Mac revenue was $5.5 billion dollars down from 5.8 billion. iPad revenue was actually up to 4.9 billion from 4 billion but yes

generally this is another quarter where Apple had to report actual shrinkage, not just drops in growth.

Last time, the culprit was China, right? Indeed, Apple also had to report sales in Greater China were $10.22 billion down from $13.02 billion year over year.

So things are not so good, right?

Then would it surprise you to know that Apple is currently up more than 6% at the time of this writing,

and is sitting right back at that magical one trillion dollar market cap number.

What gives?

Well it seems that Wall Street has indeed bought into the Services narrative that

Apple has been peddling these last few quarters. the services

revenue came in at a record 11.5 billion dollars.

There are now 390 million paid subscriptions across all of Apple's various services and

Apple's chief financial officer said on the earnings call yesterday

that services now account for one-third of Apple's gross profits.

Also hidden in the numbers, the drops

...