Apple reports first quarterly revenue decline in over a decade

Apple Inc. has posted its first quarterly revenue drop since 2003, resulting from a diminishing demand for iPhones. In the quarter from January to March 2016, Apple's revenue was $50.6 billion, down from $58 billion in the same quarter in 2015. iPhone sales fell from 61.2 million in the first three months of 2015 to 51.2 million this year.

"The number that is declining is the number of people that are upgrading [their phones]," Chief Financial Officer Luca Maestri told Bloomberg. "Last year we had a very strong iPhone upgrade cycle."

Global smartphone sales growth is expected to slow to 7 percent in 2016, the weakest in its history.

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