- The competition has faster product cycles, exploiting the considerable gaps in Apple's product cycle. Apple will need to adjust, or face more disappointing quarters.
- With the anticipated big advance between the iPhone 4S and iPhone 5, more consumers than anticipated held off. Consumers are realizing that Apple has incremental advances and significant advances. They are waiting for the latter.
- The iPhone might be losing a bit of its singular standing to Samsung (particularly in China) and Google(GOOG).
- The economy is cratering. Consumers seemed willing to spend their last penny on Apple products. Now too many don't have that last penny.
Media Miss Key Question on Apple Earnings
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