The world's most profitable company became less valuable this week when California-based Apple Inc. reported the first decline in iPhone sales in 13 years.
Apple CEO Tim Cook blames the struggling Chinese economy for Apple's weaker earnings, but analysts say other factors may be at play including the increasing saturation in the smartphone market and a shortage of new products.
More than two billion people around the world own a smartphone – nearly one in five of them are iPhones. The phone’s success has been key to Apple’s transformation into a global technology leader, but the days of people lining up around the block for the next great iPhone may be over.