Apple's annual sales drop for first time in 15 years

On Tuesday, Apple announced that annual sales fell to $216 billion in the 2016 fiscal year ending Sept. 30, the company's first annual sales fall since 2001, the year the iPod was introduced.

Apple had a record $234 billion in sales in 2015. According to CNN Money reports, the tech giant largest source of revenue is the iPhone. Only 45.5 million were sold in the September quarter, down from 48 million during the same time in 2015.

The company says it is projecting it will have sales of $76 to $78 billion in the upcoming quarter, up from $74.8 billion last year.

Despite the worrying decline, Apple remained positive – stating that their services market, which includes Apple Pay and iTunes, is growing.

"We're thrilled with the customer response to iPhone 7, iPhone 7 Plus and Apple Watch Series 2, as well as the incredible momentum of our services business, where revenue grew 24 per cent to set another all-time record," Apple chief executive Tim Cook said in a statement.