iPhone super cycle pronounced dead as handset market tumbles

Apple Inc. iPhone X smartphones sit on a table during the sales launch at a store in Chicago, Illinois, U.S., on Friday, Nov. 3, 2017. The $1,000 price tag on Apple Inc.'s new iPhone X didn't deter throngs of enthusiasts around the world who waited -- sometimes overnight -- in long lines with no guarantee they would walk out of the store with one of the coveted devices. Photographer: Daniel Acker/Bloomberg

The iPhone “super cycle” – a wave of upgrades and new customers that was supposed to wash over Apple Inc this year with the introduction of its model X – was pronounced dead on arrival. 

In Apple’s first earnings report since the launch of the pricey flagship smartphone, the company reported lower-than-expected handset sales from the holiday period. Chief financial officer Luca Maestri also forecast a decline in the average selling price of iPhones in the current quarter, suggesting the most-expensive models aren’t as popular.