Apple posts first quarterly revenue drop in a decade

Waning sales of the iPhone have seen Apple post its first quarterly revenue drop in more than a decade.

The technology giant reported quarterly sales of US$50.5 billion down from $58 billion last year - the first fall in sales for the company since 2003.

Apple sold 51.2 million iPhones during the quarter, down from 61.2 million in the same quarter of 2015.

China was a particular weak spot, where sales there fell 26%.