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Apple may be in for model-cycle purgatory

Breakingviews
By Robert Cyran
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The Apple store on Fifth Avenue in New York City.
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Most companies would yearn for what may be Apple's worst quarterly report since it launched the iPhone in 2007. Sure, the $550 billion tech giant's top line nearly flatlined as demand for its smartphones stalled in the last quarter of 2015, but sales did edge higher than a year earlier despite the dollar's strength, the gross margin topped 40 percent and profit hit a record $18.4 billion. Even so, Chief Executive Tim Cook may be in for a dose of model-cycle purgatory.

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