Apple may have beat earnings, but analysts say that the company will need to show signs that it's innovating again to get investors excited.
(Read more:Apple drops 5% on weak iPhone sales, revenue outlook )
The company's earnings—$14.50 a share on sales of $57.59 billion, which beat consensus expectations—didn't keep the stock from dropping almost 8 percent after-hours.
Flat growth in many businesses scared investors off, according to analysts.
(Read more: Apple's China deal bigger than Street thinks)
What investors need from Apple is a sign that it is going to do something innovative in the near future that will help drive sales, said Max Wolff, chief economist at ZT Wealth, on CNBC's "Closing Bell."
"They have to show they can at least copy the best-of-breed phones and do something innovative," he said. The company must push back on investor Carl Icahn, who "will be emboldened on these numbers and ... on the naysayers they used to never have to deal with who are emboldened whenever they do anything that is ever less than perfect," he added.
With Apple's cash hoard rising 8 percent, to $159 billion, in its first quarter, Icahn's push for the company to distribute more cash to shareholders will become increasing difficult to ignore.