Wall Street analysts said Apple's earnings were solid but expect more from the iPhone going forward.
than half of the company's overall sales."The core controversy of normalized iPhone growth remains unresolved – recent price cutting has clearly helped, but we remind investors that iPhones are still down -12% year over year, with big questions about replacement cycles still outstanding," he said.
While revenue growth continues to climb, other analysts say that won't be able to carry the company forever. "Non-iPhone hardware revenues have exhibited mid-to-high teens y/y growth for 3 straight quarters, but we remain dubious that such growth can sustain over a multi-year time frame, especially when wearables/services revenues remain tied to iPhone growth, in our view," Deutsche Bank analyst Jeriel Ong said. "Given that we continue to have questions around the long-term growth of iPhones, we are remaining on the sidelines.
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