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Apple Lineup Reaching Sales Ceiling Puts Pressure on Cook

Apple Inc.’s roster of devices is hitting a sales ceiling, underscoring why it’s crucial for Chief Executive Officer Tim Cook to deliver the company’s first new products since 2010 to revive growth.

Apple shares dropped after the Cupertino, California-based company reported iPhone sales for the holiday season that missed analysts’ estimates, in what is typically the most lucrative period of the year for the device maker. Apple also projected revenue in the current period may fall from a year earlier, in what would be the first quarterly sales decline since 2003. Last year, Apple posted its first profit drop in more than a decade.