iphoneFor the longest time ever, it seemed like Apple’s iPhone could do no wrong and that with every release, Apple seemed to be able to sell more units than before, which is why when analysts warned last year that this year we could be looking at a drop in iPhone sales, obviously there were some who were skeptical.

However all good things must come to an end. According to a report from The Wall Street Journal, it seems that profits at Apple in the last quarter was reported to have fallen by 22.5% as revenue declined due to the drop in iPhone sales. This marks the first for the company who has not experienced a drop in iPhone sales for more than 50 straight quarters since 2003.

To be exact, Apple managed to pull in $50.6 billion in revenue, versus the $58 billion from the same period last year. No doubt it’s still a lot of money, but from an investor’s perspective it looks like Apple is starting to make less money than before. Despite that, Apple’s CEO Tim Cook remained positive about the company’s future and stated, “It’s a tough bar to hurdle, but it doesn’t change the future. The future is very bright.”

That being said, we suppose it shouldn’t really come as a surprise. For the most part smartphones have peaked in terms of what they can do and what kind of hardware they can pack, so it is understandable that maybe people aren’t as excited as they used to be. This could be why some are speculating that instead of an iPhone 7s next year, Apple could jump straight to the iPhone 8.

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