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MarketWatch First Take: iPhone sales ‘pause,’ and Apple may be in trouble

Apple Inc. Chief Executive Tim Cook’s rare acknowledgment Tuesday that customers are delaying iPhone purchases serves as a warning that iPhone sales could continue to lag for a second consecutive year.

Apple AAPL, +0.63%reported fiscal second-quarter earnings Tuesday with lower-than-expected revenue and iPhone unit sales, causing its shares to dip nearly 2% in after-hours trading after closing at record highs for two straight sessions. Apple stock has gained almost 27% this year as the S&P 500 index SPX, +0.12% has added 6.8%.

Importantly, Apple’s revenue guidance for the current quarter also missed analyst estimates, and Cook gave a hint as to why in the conference call.

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