Apple just saw its quarterly revenue fall year-over-year for the first time since 2003. It sold fewer iPhones than it did a year ago for the first time ever in that product’s history. And when the company reports numbers for the current quarter three months from now, it expects those numbers to dip again.

So is it time for Apple and its legion of fans to panic? Not exactly.

Certainly Apple’s fiscal second quarter was poor by any measure you care to use, and declining iPhone sales was a big part of that. Apple sold a little less than 51.2 million phones during the January-to-March quarter, compared to a little less than 61.2 million for the same period in 2015. A glance at that drop, coupled with the flat iPhone sales growth Apple saw during the holiday quarter, would suggest that 10 years in, our love affair with the iPhone may be over.
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