Apple's latest earnings report indicates a slowdown in iPhone sales and also forecasts its first revenue drop in 13 years. 74.8 million iPhones were sold by the US tech giant in its fiscal first quarter, which is below the 75 million expected by analysts. The financial slowdown in China has been blamed for the slowest-ever increase in iPhone shipments since its launch more than eight years ago. Financial experts are concerned the company doesn't have another blockbuster product to replace the iPhone. Despite the slowing sales of its flagship device, Apple defied expectations to post a record profit for the last three months of 2015, worth USD 18.4 billion (AED 67.5 billion).