Apple’s claim to be the only company in the world valued at $3 trillion lasted just over a month, with its market cap ending at $2.86 trillion Friday a day after reporting its third consecutive quarter of declining sales due to weak iPhone sales, the New York Post reports.

Shares of the Cupertino, Calif.-based technology titan ended down 4.8% Friday but were trading up 0.29% in premarket trading Monday. Apple (AAPL) is up nearly 50% year-to-date.

For its third quarter ended July 1, Apple had revenue of $81.8 billion, a 1.4% decline from the previous quarter and a 3% drop year-over-year.

Apple is on track to report similarly lackluster results for the fourth quarter, CFO Luca Maestri said on the earnings call Thursday. If Apple’s profits decline again, it would be the biggest decline Apple has seen in two decades.

However, Apple is still the highest-valued company in the world by a margin of more than $1 trillion, with Microsoft in the No. 2 position with a market cap of $2.4 trillion and the Saudi Arabian petroleum company at No. 3 with a $2.1 trillion market cap.

Apple CEO Tim Cook on the earnings call blamed “foreign exchange headwinds” and the stronger U.S. dollar for disappointing iPhone sales, the majority of which are derived from overseas.

In China, however, Apple’s iPhone sales grew 8% year-over-year as the nation lifted its zero-COVID strategy in late January.

iPhone sales globally were down 2.94% in the third quarter to $39.7 billion, just below analysts’ $39.8 billion target.

Apple executives speaking on the earnings call said the U.S. smartphone market is slowing down. Cook noted that weaker than expected iPhone sales in the third quarter were offset by Apple TV+ and other subscription services.

As well as strong iPhone sales in China in the quarter, Apple wearables such as the Apple Watch and AirPods also did well in China.

Maestri added that Apple is “closely managing out spend,” saying that its $18.7 billion in operating expenses “were at the low end of the guidance range we provided at the beginning of the year.”

Demand for the Apple iPhone 14 has ebbed as it is about to launch the iPhone 15 Pro and Pro Max with faster processors and larger screen displays with thinner boarders, potentially in early September when the tech giant has traditionally rolled out new offerings.

The Apple Watch Series 9 and Apple Watch Ultra could also be released next month.

Meanwhile, however, the $3,500 Vision Pro mixed-reality headset announced in June reportedly may not be launched early next year due to Apple manufacturing partners having trouble with its intricate design.

The Post reached out to Apple for comment.