Apple is set to make 5 billion dollars less this quarter than it previously expected. That’s a pretty big deal, and it’s down to two major things. One was an “economic weakness in some emerging markets.” The other was that Apple said it sold “fewer iPhone upgrades than we had anticipated.”
That second one is very interesting. Why aren’t people upgrading? There are two possibilities. One is that they’re switching to Android. The other is that people are holding onto their old iPhones for much longer. Why’s that?