Has the rot set in to Apple?

Technology giant Apples’s record-setting growth has finally come to an end. The company has reported a 13 percent drop in its second quarter revenues through to March.

Its quarterly sales were down from $58bn in the same period last year to just over $50bn (44bn euros) – its first fall since 2003.

A weak China and a strong dollar are being blamed.

But the most telling number in Apples earning report is its slide in iPhone sales – down from 61 million to 51 million in the same quarter. Apparently people just aren’t buying enough of them.

And while Apple’s shares fell 8% in after hours trading it has still posted a quarterly profit of $10.5bn (8.5bn euros).