Apple reported a 13 per cent drop in revenue

Apple reported a 13% drop in its second-quarter revenue as sales of iPhones slipped, as a quarterly sale of £34.4bn ($50.56bn) down from £39.44bn ( $58bn) last year – the first fall for the company since 2003.

Apple sold 51.2 million iPhones quarterly sales, down from 61.2 million in the same quarter of 2015.

In China, their sales fell 26 per cent and also the result reflected by the impact of a strong dollar.

As a result, Apple shares fell 8 percent, in after-hours trading. It shares have fallen close to 20 percent over the last twelve months.

The iPhone – the most successful technology in history – is now in decline. Apple needs the next product category to come along. The Apple Watch is bringing in an estimated $1bn each quarter, and App Store downloads, Apple Pay and Apple Music all experienced  a 20 percent growth compared with the same quarter in 2015, but that’s not enough.