- 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.
NEW YORK ( TheStreet) -- The media's takeaway from Apple's ( AAPL) earnings is insufficient, too simplistic by half. Bloomberg and many others said this (or something close to it) in their headlines: "Apple Stock Drops On Missed Estimates After iPhone Lull." The sentiment -- that iPhone sales unexpectedly skipped a beat as consumers awaited the presumed fall release of the iPhone 5 -- doesn't say all it should. After all, in the lead-up to Tuesday's earnings report, all analysts were talking about was consumers holding off on their iPhone purchases. Obviously, this phenomenon was far more severe than anyone expected. But why? That should be the real takeaway. Perhaps: