For the first time since 2003, Apple have reported a drop in revenue in their annual financial press report.
Now before you get any ideas about doing your very own Big Short, the company has still reported sales of $50.56 billion (£34.39 billion) during the second quarter of 2016. Sound enormous to you? Well this is compared to $58 billion (£38 billion) for the same period the previous year. Additionally their actual profits dipped from $13.5bn (£9.25 billion) to $10.5 billion (£7.19 billion).
Following the announcement on Tuesday afternoon Apple's shares dropped 8 percent in value, but have returned to the same rate since.
The loss was attributed to 16% less iPhone sales than the previous year, with particularly disappointing sales in China. They still sold 51.2 million of them so not a total write off but it does suggest with the low sales of their newest model we might have all reached 'peak iPhone.'
Chief Operating Officer Tim Cook announced that the company had done well "in the face of strong macroeconomic headwinds." Which sounds like the classic inflated guff of someone about to get a bollocking.
Coupled with the controversial developments with their headphone technology, might the winds be turning against the world's most valuable public traded company?