Will the iPhone 7 stem the decline in Apple's fortunes?

In February 2015, Apple Inc became the first company to breach the mark of $700 billion market capitalisation and then scaled a high of $775 billion. However, its market value since then has plummeted and is now hovering around $580 billion.

Part of the reason is a slowdown in sales of its flagship iPhones, which has also weighed on its revenue. For the third quarter ended on June 25, the company posted a 14.5% year-on-year drop in revenue to $42.4 billion and a 27% drop in net income to $7.8 billion.

On Wednesday, Apple launched the iPhone 7, hoping that the latest version of its flagship device will reverse a decline in sales and revenue over the past few months. On Thursday, however, shares of the company led by CEO Tim Cook fell as much as 2.1% in morning trade in the US.

Clearly, it will take more than just a phone launch to impress investors worried about slowing growth at the tech giant. A brief look at its performance in recent months.