Apple Drops iPhone Bombshell on Already Reeling Stock Market

Apple Drops iPhone Bombshell on Already Reeling Stock Market
File photo shows the iPhone XS, from left, iPhone XR, and the iPhone XS Max in New York on Oct. 22, 2018. Richard Drew, AP File Photo
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SAN FRANCISCO—Apple acknowledged that demand for iPhones is waning, confirming investor fears that the company’s most profitable product has lost some of its luster.

The reckoning came in a letter from Apple CEO Tim Cook to the company’s shareholders released after the stock market closed on Jan. 2.