The short interest in Apple Inc.’s (NASDAQ: AAPL) stock fell 3.2% ahead of its troubled earnings to 66 million shares. That was for the period that ended January 15, and it put Apple in the number eight spot among all Nasdaq-traded companies.

The size of the short interest change is small in light of Apple’s recent earnings report, which showed a flattening of iPhone sales and only modest improvement in revenue:

Apple announced financial results for its fiscal 2016 first quarter ended December 26, 2015. The Company posted record quarterly revenue of $75.9 billion and record quarterly net income of $18.4 billion, or $3.28 per diluted share. These results compare to revenue of $74.6 billion and net income of $18 billion, or $3.06 per diluted share, in the year-ago quarter. Gross margin was 40.1 percent compared to 39.9 percent in the year-ago quarter. International sales accounted for 66 percent of the quarter’s revenue.

iPhone sales were 74.8 million, just below an anticipated 75 million.

And Apple’s forecast was well under what was expected:

Apple is providing the following guidance for its fiscal 2016 second quarter:

• revenue between $50 billion and $53 billion
• gross margin between 39 percent and 39.5 percent
• operating expenses between $6 billion and $6.1 billion
• other income/(expense) of $325 million
• tax rate of 25.5 percent

Investors short Apple’s stock have benefited from its share price, which is off 22% over the past three months to $93.42 and fell 6.6% in trading the day after its earnings.

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