A long-held favorite on Wall Street, Apple has hit a few road bumps thus far in 2016. This week, the tech giant made headlines when it announced the decision to move the iPhone to a three-year product cycle, starting with the iPhone 7. Full model changes had typically occurred on a two-year basis with marginal upgrades coming in between.
The iPhone is a cash cow for Apple, currently accounting for two-thirds of the company's revenue in a given quarter. Adding a year to the current cycle won't do the iPhone, which has been in the spotlight for its recent weakness, any favors.