I don’t think revenue is a good measure of ‘decline’. People have saturated their lives with devices over the last 4-5 years and iPads iPhones and watches and EarPods have reached a saturation point. So the revenues will not grow linearly anymore cause new owners of watches and EarPods are not getting added. There is no new device like the Apple watch to enter the ecosystem so revenues have stayed somewhat flat. This is if you think the cult is relevant to revenue.<p>From what I know everyone and their dog on social media uses an iPhone Pro. Given the high usage and addiction of social media, the iPhone that shows 3 cameras on the back is still the gold standard of status. People thought (including me) that raising the price of the flagship to 1000$+ might affect sales but it didn’t. As long as Apple maintains its luxury, people will buy it no matter what you say about them. The problem is that unlike LVMH where margins are insane, Apple is still a tech company thriving on innovation. So unlike other luxury brands, Apple stock may not do as well as others.<p>But if you think the cult is buying something else now, just open Instagram and count how many people have selfies with a pixel and thousands of followers (who are the part of cult). You’ll have a tough time spotting one.