Apple Reports First Revenue Decline Since 2003

Apple Inc. announced Tuesday its first year-over-year decline in iPhone sales and its first overall decline in revenue since 2003. According to sales data released Tuesday, the tech giant had $50.6 billion in revenue and $10.5 billion in earnings for its fiscal second quarter, down from $58 billion in revenue and $13.6 billion earnings during the same period of 2015. The decline comes as the company’s signature smartphone, the iPhone, experiences weakened sales worldwide in an increasingly competitive market.