Apple has suffered its steepest decline in quarterly revenue in a year, driven in large part by a slump in iPhone sales in China. A 10% decline in iPhone sales sounds like a problem for Apple, considering the company counts on the devices for half its revenue.

Apple also signaled overall revenue growth in the current quarter will be in the low-single digits, following a 4% decline in the second period. Analysts were looking for third-quarter growth of 1.3%, according to LSEG.

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