One thing we can say for sure about Apple after it reported some of its worst earnings in years: Management did an epic job of managing expectations.Yesterday, I wondered how investors and Apple watchers would react when the company reported a sharp slowdown in its business.

Indeed, the company said revenues were down 15 percent from the same period a year ago, while sales of its most important product, the iPhone, plunged 23 percent.And yet, this was slightly less terrible than Wall Street expected.

Think investors would be so forgiving?

That s what I mean about Apple management doing a masterful job of setting the bar low.Still, beyond the decreased sales of all of its major products, there are still some worrisome numbers lurking underneath that top line bad news.

But it also includes the Apple Watch and Apple TV, two of the biggest product launches or re-launches under the tenure of CEO Tim Cook.

There has been speculation that sales have been slowing as people wait for the next version, but, at the very least, we can conclude that the Watch doesn t have a lot of momentum at this point.And the same goes for the rebooted Apple TV that was launched last fall.

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