It's shrinking (slightly) year-over-year because the iPhone 6 was a blockbuster--people were waiting for larger-screen iPhones and jumped to upgrade when the 6

It's shrinking (slightly) year-over-year because the iPhone 6 was a blockbuster--people were waiting for larger-screen iPhones and jumped to upgrade when the 6 came out. The 6 was also supply-constrained which pushed some of those sales into the year-ago quarter. The 6s has done fine, but is not the anomaly that the 6 was. Wall Street will react violently to all this, but I think Apple and the iPhone business are still fundamentally healthy and sound.