Apple has reported its first decline in revenues and income for the past 13 years. The market and media has reacted predictably with an 8 percent fall in Apple’s stock price. From an investor’s perspective, the decline in sales of the iPhone is a signal of worse things to come and in particular the end to Apple’s ability to continually grow.
As others have pointed out, despite the fall in sales, Apple still made $10 billion of profit in the quarter and sold 51.2 million iPhones.
The U.S. stock market, in combination with venture capitalists, has become obsessed with growth.
