I am always puzzled when analysts are seemingly baffled that a company cannot keep selling more and more product each year to a finite audience and never reach saturation point...
http://radar.oreilly.com/2007/11/its-not-exponential-its-sig...
Instead, smartphone sales growth has fallen down to practically nothing globally. Apple is already missing the last growth wave, which is mostly made up of very cheap Android phones in India and China.
Those people also bought into the notion that Apple was going to dominate China, because of their early success there. It was talked up non-stop by Tim Cook. Instead, China will become an epic disaster for Apple, as they melt market share endlessly to nationalism and protectionism. The Chinese will only get more aggressive with Apple as the iPhone gets weaker as a product inside of China.