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Apple's 13-year streak of making highly profitable products has hit a snag.

In the most recent quarterly report, Apple says iPhone sales fell. And with nothing else to make up for it for now, Apple's revenue declined along with it, for the first time since 2003. The quarterly profit, too, dropped 22.5 percent.

To be clear, this doesn't mean that Apple isn't making money — it's still a massive, multibillion-dollar giant that continues to promise high payouts to its shareholders. But the numbers support what many investors and analysts have predicted: that the reign of the iPhone is on the downturn.

, Apple has big hopes that other products will step up:



Apple's latest major groundbreaking product was the Apple Watch, which 

 as much as its backers expected, while sales of the iPad also 

Science

Business and Economic News

Alina Selyukh

Author

The company's quarterly profit dropped 22.5 percent as revenue slipped for the first time since 2003.

Dip in iPhone sales results in Apple's first revenue decline in 13 years

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