Shares of Apple (NASDAQ: AAPL) were up 3.5% as of 11:37 a.m. ET on Friday after the company delivered fiscal first-quarter earnings on Thursday following the market close. 

The stock was initially trading lower at the market open today, as Apple's earnings and revenue came in below Wall Street's estimates. But a deeper dive shows there was a lot to like about its performance amid the macroeconomic challenges.

The quarter was more challenging for Apple than last year. Revenue fell 5% year over year to $117.2 billion, with earnings per share coming in at $1.88. This missed estimates of $121.88 billion and $1.94, respectively. However, excluding the negative impact of foreign currency changes, revenue would have been up over the year-ago quarter. 

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Source Fool.com