Apple missed analysts’ estimates in its June quarters of 2012 and 2013. Three years ago investors — and customers — were waiting nervously for the next iPhone. Two years ago the company’s sales in China, its most important growth market, fell. Those were things worth worrying about.

On Tuesday, Apple’s stock suffered a more serious adverse reaction than on either of those darker July afternoons, falling more than 7 per cent. Profits and revenues beat consensus estimates. This time the worries are iPhone shipments that were a sliver below expectations and a slightly weaker-than-expected revenue target for the September quarter.

Some investor wobble is to be expected. They own a different company than the Apple of two years ago, and their expectations are higher. The stock has doubled since then even after Tuesday’s sell-off. Tim Cook is firmly entrenched as chief executive.