Apple's annual profits fall for first time in 15 years as iPhone sales decline

Company has sold 45.5m iPhones in current quarter, down 5% from last year as analysts worry that the world has reached 'peak Apple'

Apple has reported its first decline in annual sales and profit in 15 years. The Silicon Valley company, which had bounced back from near bankruptcy in 1997 to become the world's most valuable company today, told investors on Tuesday night that it had sold $215.6bn (177bn) worth of iPhones, Watches, Mac computers and other products in the year to 24 September.

That works out as an 8% decrease on Apple's record $233.7bn of sales it collected in the previous year. The decline in sales hit the company's profits, which fell 14% to $45.7bn.