Apple's stocks have been going up and down over the past few months. Now, the company has posted its first annual revenue decline since 2001.

The decline had been predicted and is linked with the decline in the iPhone sales. Apple enjoyed record-setting revenue growth over the past decade after the iPhone was released. This is the first time since then that the company has seen a decline like this.

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Through the fiscal fourth quarter which ended on September 24, Apple's revenue declined by 9.8 percent to $46.9 billion, and its profit fell from 23 percent to $9 billion in comparison to the same period in the previous year.

Sales of Apple's flagship phone has seen a very weak demand with only 45.5 million units sold over the year which shows a drop of 13 percent from the same period last year.

Apple CEO Tim Cook is looking fo r the silver lining. He says that the company is making up for the losses in the phone segment with the profits made in its cloud services and streaming segment. He noted that Apple's revenues from Services grew by 24 percent to $6.3 billion compared to last year and the Music revenue increased by 22 percent.

The Mac, another core product for Apple, is also witnessing a decline. The company reported a 17 percent decline in its earnings from the segment to $5.7 billion due to a 14 percent decline in unit sales.

Although the company could be hoping for better future revenues. Analysts predict that the iPhone 7 could help boost Apple's revenue by the end of this annual quarter which ends in December. A sales estimate of between $76 billion and $78 billion is predicted. If the forecasts stand true, Apple will break all its previous quarterly revenue records.