Apple has warned that iPhone sales are likely to fall for the first time ever, signaling the end of an era for the company that has long been a leader in the smartphone market.

In a statement, Apple CEO Tim Cook said that iPhone sales in the current quarter are expected to be "down significantly" compared to the same period last year. Cook attributed the decline to a number of factors, including economic uncertainty, currency fluctuations, and increased competition in the smartphone market.

"While we expect to sell fewer iPhones this quarter than in the year-ago quarter, we expect our total revenue to grow," Cook said. "We are also continuing to invest in our future, including new products and services."

The news of the expected decline in iPhone sales sent Apple's stock price down by more than 10% in after-hours trading.

Apple's warning is a sign that the smartphone market is maturing and that consumers are becoming more reluctant to upgrade their phones as frequently as they once did. This is due to a number of factors, including the high cost of new smartphones, the increasing durability of existing phones, and the growing availability of refurbished and used phones.

The decline in iPhone sales is also a blow to Apple's overall revenue, as the iPhone has traditionally been the company's biggest moneymaker. In the last fiscal year, iPhone sales accounted for more than 50% of Apple's total revenue.

Apple is now looking to other products and services to drive growth, including the Mac, iPad, Apple Watch, and AirPods. The company is also investing in new businesses such as self-driving cars and augmented reality.

It remains to be seen whether Apple will be able to successfully transition to a new era of growth beyond the iPhone. However, the company has a strong brand, a loyal customer base, and a history of innovation, which gives it a good chance of success.