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SAN FRANCISCO — Apple reshaped technology and society when Steve Jobs unveiled the iPhone seven years ago. Now, the trend-setting company is losing ground to rivals that offer what Apple has stubbornly refused to make: smartphones with lower prices and larger screens than the iPhone.
The void in Apple’s lineup is a major reason why the company’s quarterly revenue may be about to fall for the first time in more than a decade, much to the dismay of investors who are worried that Apple Inc. is losing its verve and vision.
Wall Street vented its frustration after Apple reported late Monday that it sold fewer iPhones than analysts anticipated during the holiday season. Apple compounded that disappointment with a forecast raising the possibility of a slight revenue decline in the current quarter.