The fiscal first-quarter numbers reinforced perceptions that Apple is now mostly selling its mobile devices to repeat customers who are upgrading to the next generation in the product line, instead of reeling in new converts to its technology. A similar problem also appears to be looming for Samsung Electronics, which competes fiercely against the iPhone.
"It looks like the high end of the smartphone market is becoming saturated," said Gartner analyst Van Baker.
If that is true, Apple figures to be hard pressed to lift its stock back to where it stood at its peak price of more than $700 in September 2012. That was before investors began to fret about fiercer competition in mobile devices and Apple's lack of a breakthrough product since the iPad came out nearly four years ago.
