Apple iFall: Shares dive, income drops as iPhone bites into revenue

Apple reported its first-ever drop in iPhone sales since launching the phone in 2007 as the tech giant’s long streak of rising revenue ended, pulling down shares.

With iPhones the main driver of sales for the company, revenue fell on a year-to-year basis for the first time since 2003 — to $50.6 billion from $58 billion a year earlier. (Shutterstock)

Apple on Tuesday reported its first-ever drop in iPhone sales since launching the smartphone in 2007 as the tech giant's long streak of rising revenue ended.

Apple shares dived more than 8% to $95.90 in after-market trades that followed release of the earnings figures.

Analysts said it was not surprising to see the drop given the saturation of the global smartphone market.

With iPhones the main driver of sales for the company, revenue fell on a year-to-year basis for the first time since 2003 — to $50.6 billion from $58 billion a year earlier.

Let's take a look at four 'falls' the company is facing and four 'hopes' it is banking on.

Graphic: Vignesh Radhakrishnan