Apple reports its first drop in sales since 2003 5 years ago

Apple reports its first drop in sales since 2003

Apple's historically strong grip over the manufacture of delectable bits of tech looks set to be loosening.

According to The Wall Street Journal, the company's quarterly profit fell a substantial 22.5 per cent as revenue dipped for the first time since 2003.

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Apple is struggling to maintain the sales surge that happened when it launched iPhones with larger screens in late 2014, and models since then just haven't been as successful with customers, who were previously loyal Apple heads.

The company sorely needs a blockbuster launch to regain momentum, but this setback doesn't really mean the company is doing terribly. For example, iPhone sales in India are up 50 per cent, but that's an anomaly compared to the global sales rate.

“It’s a tough bar to hurdle, but it doesn’t change the future. The future is very bright,” CEO Tim Cook said.

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According to the Verge, products like the iPad were popular at first launch, but sales have steadily declined over the last several years, as Android competitors' offerings improved.

The much-hyped Apple Watch was a big hit, but only with die-hard Apple consumers, and it failed to make a big splash in the mainstream.

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We'll have to see what Cook and Co come up with next. Maybe the launch of the new smaller iPhone SE will boost their fortunes.

That being said, it's worth remembering this:

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