That sucks, the first one was a fun watch. I don't know how they could have a sequel with the lore they built, so maybe it is for the best the sequel was killed.
It was always a bit of bullshit from Apple, to make up for pulling the theatrical release. If they didn't have faith in the first one, it's not a massive surprise to find out they weren't genuine about funding a second.
Just goes to show how desperate the studios are for a hit. Any film with even a slightly positive reception will immediately get the green light for a unnecessary sequel. They're intent on creating a new franchise out of just about anything.