Apple has announced its first-ever decline in revenue in the past 13 years as its iPhone sales have slowed down. Apple posted quarterly revenue of $50.6 billion and quarterly net income of $10.5 billion. Last year, the company posted revenue of $58 billion and net income of $13.6 billion. The reason Apple has been so successful is because of the iPhone, which was first released in 2007. What goes up must come down -- and we're starting to see that now. The success of the iPhone is starting plateau and ultimately decrease now that consumers are finding less of a reason to upgrade to the latest and greatest smartphone. Apple CEO Tim Cook pointed to weakening currencies worldwide as one of the obstacles the company would face as iPhone sales were up less than 1 percent year-over-year last quarter. Gene Munster, managing director and senior research analyst at Piper Jaffray, told ABC News, "This has been anticipated for three months now. The reason is nothing [that] is wrong with the iPhone." Munster said this is not worrisome to Apple and that iPhone sales will likely increase by the end of the year when the next iPhone(s) is released.
