(CNN) – Bad news for apple. For the first time since 2001, the tech giant’s annual sales have gone down, but apple is being optimistic and has a big event this week that could change things around.
Apple’s 15 year hot streak has come to an abrupt halt. For the 2016 fiscal year, its annual sales fell about eight percent, resulting in an 18 billion dollar decline from last year.
The company hasn’t reported an annual sales loss since 2001, when it introduced the iPod. You could partially blame the new iPhone seven. The iPhone is apple’s largest source of revenue and throughout the year, sales have consistently fallen.
Analysts say people aren’t as quick to upgrade to the iPhone seven, especially since it is a dead ringer for the previous two models. One big difference, no headphone jack, which many don’t like, but there could be some hope on the horizon for apple.
The holidays are just around the corner and apple products are popular gifts. Also, one direct competitor, Samsung’s galaxy note seven, is going through a massive recall. Analysts will be watching to see if the sales slip is merely a blip on the radar or the start of the tech giant’s decline.
This fiscal year, Apple made 216 billion dollars. Thursday, Apple is expected to unveil updates to its Mac lineup, which could help next year’s sales numbers.