Apple's iPhone revenue is likely to fall 2% in its current fiscal year, according to a new report from UBS. The decline would be the second-ever annual iPhone revenue decline, says Business Insider. The decline is reportedly being driven by weak demand for the new iPhone XR. This would be Apple's first annual decline in smartphone revenue in three years. UBS warned that smartphone purchases have reached the lowest point in the fourth quarter ever for the US, UK, China, Germany, and Japan.