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Apple forecasts first sales drop since 2003

It posts record profit of US$18.4b in its Q1, but is feeling the pinch of iPhone slowdown and sluggish economy

Sales of iPhones exploded after the release of the larger-screen models in 2014, but the latest versions released in September didn't include many distinctive changes - and sales plateaued.

San Francisco

APPLE Inc is forecasting a sales decline for the first time in more than a decade, adding to evidence the market for smartphones is becoming saturated and that expansion in China is no longer enough to maintain its unprecedented run of growth.

Revenue in the first...