All good things come to an end, even for Apple

Editor's note: On Jan 2, Apple CEO Tim Cook issued a profit warning in a letter to investors saying that due to new product supply restrictions and weak emerging markets, the first quarter would be less than anticipated. Liang Yunfeng, a columnist, comments in a post:

This is the first warning about its profit prospects Apple has issued in nearly 20 years, and it is because the slowdown in economic growth has prompted consumers to postpone changing their smartphones. Statistics show the global smartphone industry has declined for four consecutive quarters, with fewer and fewer consumers deciding to change their phones.

Apple has been heavily reliant on its smartphones. Over the past four years, more than 60 percent of Apple's net revenue, more than 65 percent of its gross profit and over 80 percent of its digital services fees come from iPhone.