Apple is about to post its first quarterly revenue decline since 2003

Apple’s incredible growth streak is expected to officially come to an end today, April 26, when the company reports its second-quarter results after the market close. (Join us for analysis beginning at 4 pm ET, 1 pm PT.)

After a dozen years of dramatic growth — led first by the iPod and Mac, and then the iPhone and iPad — Apple is expected to report that March quarter sales declined 10 percent year over year to around $52 billion.

This isn’t a surprise. Apple warned that sales would shrink on a year-over-year basis when it issued its forecast in January, and shares have traded up almost 10 percent since then.

The culprit: Shrinking iPhone sales, which generate the bulk of Apple’s revenue. Analysts expect the company to report March-quarter iPhone shipments of around 50 million to 52 million, down from 61 million a year ago. (That specific quarter had an unusual boost: iPhone 6 supply constraints had pushed more sales past the holiday period. So in this case, the iPhone business has an even tougher than usual record to beat.) For what it’s worth, iPhone sales are expected to pick up again later this year.

Also in Apple’s report: We’ll get a better picture of its China business, which has led much of the company’s growth over recent years, but decelerated over the holidays. And if we’re lucky, there will be new tea leaves to read about Apple’s next big growth project — a car, supposedly — and perhaps some commentary about first-year Apple Watch sales.

Read this next: Apple’s incredible growth streak is officially over

This article originally appeared on Recode.net.

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