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Apple Results to Show How Far IPhone Sales Have Fallen

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How Troubling Is Sluggish iPhone Demand for Apple?

Apple Inc. has warned investors that its quarterly earnings report will bear bad news about iPhone sales. The question now is just how bad.

The world’s most valuable company forecast in January that revenue would drop for the first time in more than a decade as iPhone sales slow. Analysts will probably be reassured by a sales decline that doesn’t outstrip Apple’s projections for the quarter that ended in March.

“From the stock point of view, it is already built into people’s expectations,” said Abhey Lamba, a San Francisco-based analyst at Mizuho Securities, who recommends buying Apple shares. “If iPhone sales end up in line to slightly better than expectations then it’ll be taken positively.”

Apple’s stock has fallen 18 percent in the past 12 months amid mounting investor concern that customers are upgrading their phones less regularly. That could mean that demand for iPhones, which accounted last quarter for two-thirds of Apple’s revenue, has peaked. The Cupertino, California-based company’s introduction last month of the lower cost iPhone SE was partly seen...