By Suzanne McGee

There's no place to hide. When even Apple (AAPL) -- which for years delivered better-than-expected​ earnings quarter after quarter --disappoints investors, it's clear that the European sovereign debt crisis and the sluggish pace of growth at home are taking a hefty toll on corporate profits.

Apple's misstep was perhaps the most dramatic, as it announced earnings of only $9.32 a share, well below the consensus of $10.36, but it wasn't the only one. UPS (UPS) also announced earnings that fell short of analysts' predictions, as did Whirlpool (WHR). And while Netflix (NFLX) announced earnings that came in ahead of expectations, they were still 91% below year-earlier levels, and the company cautioned that it will be "back into the red" as it ventures into new geographic markets later in the year.

In Apple's case, the slowdown is significant. Last year, in the quarter ending June 30, the company's revenue grew 59% and its earnings soared 94%. This year, these growth rates fell to 23% and 21% -- an astonishing decline, caused in part, the company said, by consumers' expectations that the iPhone 5 will be released later this year.

At least in Apple's case, however large the disappointment, investors can hope that new products like the next-generation iPhone and a new mini iPad will provide a spark after what even die-hard Apple fans must acknowledge was an ugly quarter. (In particular, investors must hope that the new iPhone will help Apple fight off competition from rival Samsung. The iPhone's sales, selling price and share of Apple's total revenues all fell during the quarter.) Certainly, it seems as if all the analysts who only a few months ago were predicting Apple's stock was destined to skyrocket to $700 may have to temper their expectations for now. By midday Wednesday, the stock was down nearly 5%.

In all these earnings reports, it's not just what happened, but what management expects to happen next that will shape investor reactions. Moreover, the gloomier the news from Europe, the harder it will be to coax a positive response from mediocre results, much less ward off the impact of an outright disappointment. And there have been more than a few negative forecasts this week alone.