Apple Forecasted to Report First Quarterly Revenue Decline Since 2003

Apple is set to announce its financial earnings results for the second quarter of the 2016 fiscal year at 1:30 p.m. Pacific, and the consensus among analysts is that the iPhone maker will report its first quarterly revenue decline in over a decade.

Wall Street analysts project that Apple will report revenue of around $52 billion, or nearly a 10-percent decline compared to the year-ago quarter. Today's earnings results are based on the three-month period between December 27, 2015 and March 26, 2016.

Apple itself projected quarterly revenue of between $50 and $53 billion, compared to $58 billion in the year-ago quarter, possibly signaling the end of over 50 consecutive quarters of year-over-year revenue growth dating back to 2003.

Tim Cook, CEO, already cautioned investors that iPhone sales will likely decline in the second fiscal quarter. That decline will be realized if Apple sells fewer than 61.2 million iPhones this quarter, which appears likely given most analysts expect sales to hover around the 50 to 51 million mark.

MacRumors will be providing live blog coverage of Apple's earnings conference call with CEO Tim Cook and CFO Luca Maestri at 2:00 p.m. Pacific.

AAPL is trading slightly lower on the NASDAQ at around the $104 mark in pre-market trading ahead of today's announcement.