Yesterday morning, Apple announced the sale of its one billionth iPhone. While this news shows the iPhone still remains a popular option among consumers, but iPhone sales have been falling for two consecutive quarters.

Last quarter, Apple sold 40.4 million iPhones, a 7.1 million decrease from the 47.5 million sold one year ago. With consumers holding on to devices for longer than ever, major manufacturers, such as Apple, may expect device sales to dwindle.