Apple Inc. (AAPL) reported its first quarter earnings on Tuesday, and the results were not what investors had hoped for. The tech giant saw its sales drop 5%, the largest quarterly revenue decline since 2016, as global smartphone sales growth slows.

Yahoo Finance broke down the latest on AAPL after the call. According to their analysis, the company’s earnings were weighed down by slowing demand for iPhones, as well as a decrease in sales of other products and services.

CNBC Television reported that investors were expecting Apple to report a decline in revenue, but the magnitude of the drop was a surprise. The company’s stock fell more than 5% in after-hours trading.

The tech giant is no stranger to slumps in sales, but this quarter’s results were the worst in years. Analysts attribute the decline to a variety of factors, including a saturated smartphone market, a lack of new product launches, and a decrease in demand for iPhones.

Apple is hoping to turn things around with the upcoming launch of its 5G-enabled iPhones. The company is also planning to launch a new subscription service later this year.

For now, investors will have to wait and see if Apple can turn its fortunes around.

View Full Coverage on USNN for the latest updates on Apple’s earnings.