rich 1.0 Apple's stock price is down about 8% in after-hours trading Tuesday after the company posted its first revenue decline in 13 years. Everybody knew that revenue drop was upon us — Apple itself warned investors that this quarter wouldn't be a rosy one. So why the stock dip? Here are three explanations. iPhone sales are down 16%. That's the product's first-ever year-over-year drop. The Cupertino, Calif. company makes about 65% of its revenue from selling iPhones. TIME's Top Stories https://audioboom.com/channels/3380207-time-s-top-stories Audioboom https://audioboom.com 480 95 https://audioboom.com/i/21403288/600x600/c 600 600 <iframe width="100%" height="95" src="https://embeds.audioboom.com/posts/4486825/embed?v=202301" style="background-color: transparent; display: block; padding: 0; width: 100%" frameborder="0" allowtransparency="allowtransparency" scrolling="no" title="Audioboom player" allow="autoplay" sandbox="allow-downloads allow-forms allow-popups allow-same-origin allow-scripts allow-storage-access-by-user-activation allow-top-navigation-by-user-activation"></iframe>