The market needs growth, that's how our economy works. Without growth, even if there is profitability, a company is not seen as being healthy.
Yes, it's twisted and most normal people don't think like that, but unfortunately, the people at Apple have no choice in caring for the investors because they are a publicaly traded company and as such must adhere to SEC rules (everything they do must be in the shareholder's best interest).
And let me tell you, most investors care greatly in the health of Apple and its continued growth. The last 2 "earning misses" despite Apple posting great profits and numbers should be an indication of that. It's a perverse economy with perverse effects, but it's what we live in.
Oh, I'm actually quite familiar with SEC rules and the company is held to the long term interests of the shareholders, nothing more. It is a very loose standard, unless management decides to sell the company or merge, then the short term benefits (the offer price, etc.) comes into play.
Anyway, if we are talking about no growth, then sure, that would be an issue. But if Apple has "only 15%" growth next year, Investors would be silly to panic. 15% growth in profits for five years in a row (and the dividends that would allow to be distributed) would make the current stock price look pathetically undervalued.
A long term investor should ask themselves if Apple makes great products and if people want to buy them. The way I see it, basically every human on the planet wants a smartphone, a tablet and a computer (and in the case of tablets and computers they probably want more than one). A lot can't afford Apple, but there are more folks every year who can. Apple dominates each of those markets making, basically, the undisputed class leader for quality in each of them. Missing some group's guess about quarterly revenue is a non-event when weighed against the tides of history propelling us to a digital and connected computerized world.
