Apple’s earnings Tuesday was an overall miss, driving down its shares 8% in after-hours trading.
As expected, Apple reported its first year-over-year revenue decline since 2003. That means its incredible 51-quarter growth run has finally come to an end, as this chart from Statista shows.
During that time span, Apple’s quarterly revenue grew from $1.5 billion in fiscal third quarter of 2003 to $75.9 billion in last year’s holiday quarter. A big part of the decline has to do with iPhone sales, which dropped for the first time in the history of the device last quarter.
And don’t expect things to get better anytime soon: Apple’s guidance for the third quarter was also significantly lower than Wall Street expectations, indicating that the iPhone business might have one more rough quarter before it picks up again.