Apple’s market value grew by $1 trillion, making it the single best year for any company ever in terms of wealth creation. Apple has experienced four consecutive quarters of declining sales. The decline in sales is likely to continue in the current December quarter. The growth of Apple’s important hardware products (iPhone, Mac, iPad) has slowed down Apple hasn’t had a hit new product since AirPods in 2016. The launch of Apple’s mixed-reality headset, Apple Vision Pro, is crucial for future success Apple’s stock trades near record highs, but its growth has stalled. There is no clear plan for restarting growth Optimistic assumptions about iPhone upgrade rates and sales prices, as well as continued growth in services, could lead to top-line growth. Wall Street analysts expect Apple to generate $100 billion in net income on $397 billion in sales for the September 2024 fiscal year. iPhone sales declined 2% in the September 2023 fiscal year. The smartphone market is mature, with limited growth expected. Apple faces intense competition in China from local competitors. Apple’s services portfolio is the fastest-growing part of the business and had revenue of $8 billion in fiscal 2023.