When a tech company demonstrates declining growth, there are usually negative murmurs that seem to get amplified in the news. It's still positive growth... but the growth derivative is negative. A flat, zero derivative seems to be as concerning to those in the press as a negative one.
It depends on the business. If the market has priced in growth, and growth starts declining, then the market reacts negatively. However, growth isn't always priced in.
For example, see stocks in utility companies. Particularly before recent deregulation in utilities, there were no prospects for growth in these companies, so their share prices were essentially based upon their bond-like characteristics of yielding a reliable dividend. Their price settles to a place where their dividend yield reflects the underlying "default risk" of the company, relative to the risk free rate.
At the risk of oversimplification, stocks usually fall somewhere on this spectrum. A high growth stock's price can be held afloat via rosy predictions of future growth, and a low or non-growth stock's price can be held afloat by a steady dividend stream. Take away the growth prospects of the former or increase the risk of losing the dividend stream of the latter and you will see the price drop precipitously.
When a tech company demonstrates declining growth, there are usually negative murmurs that seem to get amplified in the news. It's still positive growth... but the growth derivative is negative. A flat, zero derivative seems to be as concerning to those in the press as a negative one.