On Tuesday, Apple announced that annual sales fell to $216 billion in the 2016 fiscal year ending Sept. 30, the company's first annual sales decline since 2001, the year the iPod was introduced.
Apple had a record $234 billion in sales in 2015. The company's largest source of revenue is the iPhone, CNN Money reports, and only 45.5 million were sold in the September quarter, down from 48 million during the same time in 2015. Analysts say because the newest iPhone is very similar to the previous two models, customers are not clamoring to upgrade. The company says it is projecting it will have sales of $76 to $78 billion in the upcoming quarter, up from $74.8 billion last year.
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