Apple reported a third straight quarter of revenue declines, its longest sales decline since 2016, as the iPhone maker continues to struggle with weakening demand for consumer devices, writes The Wall Street Journal.

Overall revenue from iPhone sales, typically Apple’s main source of profit, did not justify forecasts and fell from last year. However, CEO Tim Cook highlighted strong sales on developing markets.

For the quarter that ended in July, the technology giant’s sales amounted to $81.8 billion, which is 1.4% less than last year. Net profit rose 2.3% year-on-year to $19.9 billion. The company’s all-important iPhone sales fell 2.4% to $39.7 billion, falling short of analysts’ expectations of $40.2 billion.

Apple stated that revenue from its services department hit a new all-time high of $21 billion, thanks to more than a billion paid subscriptions to offerings such as streaming music, TV products or spending management software in the App Store.

We will remind that in June Apple became the first corporation in the world, whose market capitalization exceeded $3 trillion. Since the beginning of the year, its shares have increased by 50%. The company’s bullish outlook is driven by its diversification efforts, largely due to selling subscriptions to its users.