Although in line with analyst expectations, for the first time since 2001, Apple’s fiscal sales were lower than the year before. Revenue declined from $234bn to $216bn, mainly due to collapse in iPhone sales which saw a $18bn decline. This is concerning because the iPhone is Apple’s flagship product and has been a tough realisation for shareholders. Apple must develop new products to continue growing in the medium and long term. It seems that Tim Cook has a difficult task ahead in keeping the iPhone the top smartphone product.