The company is scrambling to catch up with rivals in artificial intelligence, and regulators are attacking its business model globally. Demand for the iPhone - Apple's biggest moneymaker - also remains sluggish, especially in China.
Moreover, finding the company's all-important "next big thing" has proved elusive. Apple killed a much-anticipated car project last year, and its push into smart-home technology has been slow going. The company has also struggled to find commercial success with what it calls spatial computing.
Then there's the tariff threat from the Donald Trump administration. The company has already shifted more production to India to cope with levies on China, but the president continues to pressure Apple to make iPhones in the US, something executives see as a near-impossible task.
It's all weighed on the stock, which has trailed shares of other major tech companies this year. Apple is no longer the world's most valuable business, with Nvidia and Microsoft now well ahead.
Apple was conspicuously absent from this frenzy, raising concerns that it was falling behind in a vital new area. Then the company made a splash with its unveiling of Apple Intelligence last year, showing off something it described as "AI for the rest of us". The technology helps summarise text, create original images and promises to retrieve the most relevant data.