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Apple Inc.

Apple's iPhone is slumping. What's next?

The bloom may be off Apple's iPhone, at least for now. So now the pressure is on the iconic Silicon Valley company to come up with its next big thing.

On Tuesday, Apple acknowledged that it's likely to see an uncharacteristic sales decline this spring, amid signs of global economic weakness and slowing overall demand for new smartphones. That drove Apple shares down more than 6.5 percent Wednesday, extending a months-long slide.

It's almost certainly too soon to expect an Apple Car or even some yet-to-be-named, virtual reality iDevice to turn things around. Apple said it wouldn't comment on its plans beyond what its executives said Tuesday. But among some analysts, hope...