There are no guarantees that the iPhone will generate anything like the profits of the last several years indefinitely. There are a number of strong headwinds including the end of carrier subsidies, market saturation, a weak global economy, increasingly mature competition at much lower price points etc. I don&#x27;t think they&#x27;re in crisis but they do have a real problem on their hands.<p>Of course they have a lot of room to slash margins to compete so I&#x27;m not too pessimistic but the iPhone was really a once in a generation kind of product and I think they&#x27;ve taken most of the easy profits off the table already.