Apple's iPhone sales sink for first time

Apple yesterday reported its worst quarter since 2003.

Both sales and profits dropped year to year. Revenue decreased 13 percent to $50.6 billion, while net income moved down 22 percent to $10.5 billion.

Sales of its most-profitable product, the iPhone, declined 16 percent to 51.2 million from 61.2 million in first-quarter 15. It's the first time sales of the device have fallen since they were introduced.

The company's Mac sales decreased 12 percent to 4 million, and iPad sales fell 19 percent to 10.2 million.

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