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Why does AAPL trade at such low multiples?
This is also an opinion, the iPhone makes up too much of the company's total revenue.  Last quarter results were very well received because of the somewhat dramatic increase in service revenue indicating that maybe the company can shift from relying so heavily on the iPhone.  As it stands, Apple is a single product company and that hinders long term prospects, hence the relatively low multiple. And the company has missed estimates, in fact one of those large dips was an earnings miss.  Additionally, if you're looking at the charts another one of the recent dips was likely caused by the brexit vote because everything was clobbered for a couple of days after that.