Tech giant Apple ( NASDAQ:AAPL) has reported its slowest growth in iPhone sales since the product’s launch in 2007, a sign that the company’s exponential growth may be coming to an end.

Apple sold 74.8 million iPhones in its fiscal first quarter, compared with 74.5 million a year ago and reported that revenue for the next quarter would be around $53billion, below the $58 billion of last year.

The company said they had felt repercussions from the weakening of the Chinese economy, with demand slowing in one of their largest markets, with Apple Chief Financial Officer Luca Maestri telling Reuters in an interview:

“As we move into the March quarter it’s becoming more apparent that there are some signs of economic softness. We are starting to see something that we have not seen before.”

The company’s shares have fallen 5 percent this year, and were volatile in after hours trading last night. They have since steadied, and the company is now trading up 0.55 percent at 96.61 (1107GMT).