Apple Just Broke a 15-Year Streak

Apple has reported its first annual revenue decline in 15 years.

According to The Wall Street Journal, the decline is due to relatively mediocre sales of the iPhone 6S and slowing growth in worldwide smartphone sales overall.

During the fiscal fourth quarter, Apple's net income fell 19 percent to $9 billion, down from $11 billion during last year's fourth quarter. Revenue fell 9 percent to $46.9 billion, and the company sold 45.5 million iPhones, which is 2.5 million fewer than in the same period last year.

However Apple is projecting it will have a revenue of between $76 billion and $78 billion in the current quarter, which will be a marginal rise from last year. The iPhone 7 and 7 Plus came out last month and Apple hopes it will drive them forward with strong sales.

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