Apple’s stock falls as its return to growth could prove short-lived

Apple Inc. broke its four-quarter streak of revenue declines in the holiday period, but the company could be headed for another drop in the current quarter.

Management said on Thursday afternoon’s earnings call that Apple’s AAPL March quarter a year ago benefited from “significant pent-up demand” after an easing of supply constraints — to the tune of $5 billion in iPhone revenue. Stripping out that impact, Apple expects similar revenue in this year’s March quarter to what was seen a year ago.

That…