Despite an optimistic earnings beat, Apple's revenue declined 2% YoY and the iPhone posted a $22 billion loss YoY.
Services growing at 18% YoY is not accelerating fast enough to make up for the iPhone decline.
Apple is particularly exposed to consumer confidence and spending, which will not remain high indefinitely.
Buybacks are being leveraged to meet EPS guidance rather than innovation. This is troublesome for a tech company.
I grew critical of Apple (NASDAQ:AAPL) earlier this year when it became clear the company would decline in revenue year-over-year, yet investors and analysts alike continued to pump the stock. With the latest