Decline in iPhone sales leads to first revenue decline in 13 years for Apple

Much of the falloff is attributable to the stuggling Chinese economy, still the second-largest market in the world for Apple products behind the US

Apple shares dropped on Tuesday afternoon after the company reported a nearly 13% fall in quarterly sales, the first time revenue at the world's most valuable publicly traded company has declined in 13 years.

As of publication time, shares were down more than 7% without appearing to hit bottom. Revenue was predicted by Apple itself to fall between $50bn and $53bn - it came in on the low end of that range, with a final tally of $50.6bn, a 13% drop.