The iPhone – the most successful technology product in history – is now officially in decline. The company had warned as much three months ago, but to see the numbers for real will give investors cause for concern.
Some have been calling recent events a sign that we’re coming to the end of a golden age for hardware makers. The smartphone boom is past its extraordinary peak.
Apple, perhaps more than any other company, needs the next blockbuster category to come along. The Apple Watch is bringing in an estimated $1bn each quarter, but that’s not enough. It needs another smash like the iPhone. But there’s no sign of one coming any time soon.