Internet streaming media software developer RealNetworks (RNWK) this evening reported Q1 sales of $140.8 million, down 5 percent year over year, and in line with analysts’ estimates, and a net loss of 10 cents per share, worse than the 6-cent loss expected.

Citing “uncertainty regarding consumer spending,” the company declined to give a forecast for the current quarter. “The company expects 2009 to be a challenging year for consumer spending, online advertising and corporate infrastructure spending,” reads the company’s press release.

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The outlook for consumer spending over the next 90 days looks “grim,” according to ChangeWave Research.

The firm said a survey of 2,701 U.S. consumers taken in the February 2-9 period found “the worst spending outlook ever recorded in a ChangeWave survey.”

According to the survey, 61 percent of the respondents expect to spend less money over the next 90 days compared to the same period last year. That compares with 12 percent who say they will spend more.

Of the survey group, 64 percent say the direction of the U.S. economy will worsen over the net 90 days; only eight percent expect the economy to improve. Asked about their feelings on the stock market, 42 percent say they are less confident than they were 90 days ago, compared to 14 percent who said they are more confident.

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While I noted earlier his reduced estimates for both Apple (AAPL) and Google (GOOG), Piper Jaffray’s Gene Munster today actually cut estimates on 33 Internet and online content companies, citing “the significant deterioration in the economic and consumer spending outlook.”

Munster says he expects the U.S. savings rate to increase significantly over the next few years, following 25 years of increasing leverage and a declining savings rate. The good news is that will allow households to rebuild savings, home equity and investment portfolios. The bad news is that it means less consumer spending.

“Nearly all drivers of consumer spending, including employment, employee earnings, consumer credit, household wealth and consumers’ propensity to save, are all moving in a direction to drive spending lower over the near-term,” he writes in a note.

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Kaufman Bros. analyst Shaw Wu, who until last month worked at American Technology Research, has relaunched coverage of Apple (AAPL) with a Buy rating and a $120 price target.

Wu contends that there is still room for significant growth in both the Mac and iPhone businesses, where its market share is relatively small given the size of the PC and cellphone markets. “While continued difficult global macroeconomic headwinds and their impact on technology and consumer spending concern us, we believe the Apple adoption story is still intact and believe the company is positioned to weather the storm better than most,” he writes.

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In the latest in a string of analysts getting spooked about slowing consumer spending, Citigroup (C) analyst Richard Gardner this morning cut his estimates for Apple (AAPL) for this year, 2009, and 2010, and lowered his target price to $170 from $287. The reasons are familiar: an expected decline in disposable consumer income growth will pressure computer and consumer electronics sales. Still, Gardner thinks any concerns he has are priced into the stock following its 18 percent drop yesterday, and he expects outperformance from Apple next year relative to other PC makers, despite a diminished outlook.

Gardner’s revised outlook is for profit of $5.29 on sales of $32.68 billion the fiscal year ending this month, and profit of $5.43 on sales of $35.2 billion next fiscal year.

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Worldwide smartphone sales grew 15.7 percent in Q2 from a year earlier, Gartner announced this morning. The research firm says smartphones remained 11 percent of the mobile device market–unchanged from a year earlier.

Gartner analyst Robert Cozza noted in a statement that the growth rate has slowed due to the difficult macro economy. “The current economic environment continues to negatively impact the market,” he says, “limiting consumer spending and replacement purchases in general.”

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