Apple Succumbs to the Smartphone Malaise

A decade-long boom is ending as consumers hang on to devices for longer

Photo: Burak Karademir/Getty Images

Last summer the market value of Apple passed $1trn, a first for any publicly traded Western company. It did not stay there for long. In November it passed the $1trn mark again, travelling in the other direction. Last week Tim Cook, the smartphone maker’s boss, cut revenue…