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Is Apple's 15-year streak officially over? Annual sales fell for the first time since 2001

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Apple's 15-year sales run may have come to an end Tuesday. 

The company just posted its first annual sales decline since 2001, the year of the iPod. 

According to CNN Money, the tech company said Tuesday that its annual sales fell to $216 billion in the 2016 fiscal year, which ended Sept. 30. 

That's a steep decline from 2015's $234 billion. 

Experts attribute the sales decline to falling iPhone sales, which are still Apple's largest source of income. 

Apple sold 45.5 million iPhones during the quarter, according to CNN Money. That's down from 48 million iPhones sold in the same period last year. 

Many analysts have attributed the decline to the abundance of smartphones available in the global market. Consumers aren't replacing their phones as often and Apple's latest iPhone is pretty similar to the previous two models. 

Is Apple's 15-year streak officially over? Annual sales fell for the first time since 2001

Still, Apple usually does really well as the holiday season approaches, so this drop may only be a minor setback. 

Is Apple's 15-year streak officially over? Annual sales fell for the first time since 2001

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