Apple has said that iPhone sales growth has slowed and warned that annual sales will fall for the first time since the product’s launch in 2007.

In the first quarter of the year, Apple sold 74.8 million iPhones, accounting for 68% of the company’s revenues which are predicted to be between $50 billion (£34 billion) and $53bn for the quarter, below the $58bn it reported for the same period a year ago.