Apple Squeezed for New Breakthrough Product as iPhone and iPad Sales Go Flat

Apple's CEO Tim Cook is facing pressure to introduce a new hit product, amid a slowdown in the sales of iPhones and iPads and concerns from investors about the firm's future.

Apple's shares have fallen by 5.2% this year; down 24% from their September 2012 all-time high.

Bloomberg reported that Apple is testing Wall Street's patience with its recent lacklustre performance and weak outlook for it in the near future.

"There's incredible potential but how long can you wait?'' the news agency quoted Michael Obuchowski, chief investment officer at Merlin Asset Management and portfolio manager at Concert Wealth Management.

"I'm getting to the level of frustration that I don't know how much longer I'll be holding on to that company."

A fiercely competitive and near-saturated mobile-device market has precipitated Apple's weak performance.

Apple's fortune came from its iconic products such as iPod and iPhone. In recent times, it faced stiff competition from mobile devices based on Google's Android operating system.

The company is facing criticism from analysts and investors that it lacks the breakthrough ideas it once had when co-founder Steve Jobs was in charge.

Furthermore, while Apple continued to focus on the premium segment, rivals including Samsung, Lenovo and HTC targeted the needs of a low-cost market.

Analysts are projecting no significant change to Apple's growth curve until new products debut in the second half of 2014.

The company is due to release its quarterly report on 23 April.

Apple's revenues for the quarter ended in March are expected to be flat for the first time in at least a decade, despite its recent partnership with China Mobile to sell iPhones,

And profit is estimated to decline by 5% in the fiscal second quarter, the sixth consecutive period of little to no gains.

Analysts predict sales of 37.7 million iPhones for the quarter, about even with last year. Meanwhile, iPad sales are projected to be 19.7 million, also roughly flat from a year ago.