FILE - This Oct. 22, 2018, file photo shows the iPhone XS, from left, iPhone XR, and the iPhone XS Max in New York. Apple warns that disappointing iPhone sales will cause a significant drop in its revenue over the crucial holiday season compared to earlier projections. CEO Tim Cook made the announcement after the market closed Wednesday, Jan 2, 2019. (AP Photo/Richard Drew, File)
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 lustre.
The reckoning came in a letter from Apple CEO Tim Cook to the company’s shareholders released after the stock market closed Jan 3.
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