Apple on Tuesday reported its first quarterly revenue decline in 13 years, which came as no surprise to the company and the investors and analysts who closely follow its finances. It’s the end of an era: For the first time, iPhone sales fell in the second quarter, which does not include iPhone SE sales.

After more than a decade of dizzying revenue and profit leaps, Apple is coming down to earth — at least in its own way, which is still leagues above most companies. The company reported $10.5 billion in profit on $50.6 billion in revenue. So what’s going on? iPhone sales are down, as expected, though the company sold 51.2 million of them in Q2, which ended March 26, beating the 50.7 million estimated units sold. Apple didn’t sell as many iPhones as it did in Q2 of 2015, which was a record-breaking quarter with 61.2 million units sold.

To read this article in full or to leave a comment, please click here