SAN FRANCISCO—Apple's image took a bruising Wednesday amid signs of a shift from wowing the world with wonders to making steady money from lovers of its devices.
Apple shares were down more than 6% to $93.80 in late trade as investors grappled news of slowing sales growth of iPhones that have driven many booming quarters for the California tech giant.
Apple raised the specter of the end of a technological era after reporting Tuesday the slowest growth sales ever of its market-leading, life-changing iPhone and warning it expects worse to come.
The California technology colossus said it expects to see its first decline in iPhone sales in the current quarter on a year-over-year basis.
Some of the softness comes from a strong US dollar and other global economic challenges, Apple said. The company sold a record 74.8 million iPhones in the December quarter, but the growth pace of two percent was the weakest since the 2007 launch of the device.
Many analysts say Apple is evolving from a device-making superstar racking up dizzying financial quarters to a company that can make a sizable and steady income from selling apps, digital music and more to the huge number of people using its devices.