Apple won't continue to hit product "grand slams," but that doesn't mean the company won't still do well, Citi analyst Jim Suva said Friday.
"It's gone from hitting home runs of products of, 'Wow, we've got to have this,' to, 'Hey, these are very good products, let's keep owning them and upgrading them,'" Suva told CNBC's "Squawk Alley."
The company saw a dip in iPhone sales during the December quarter — selling 77.3 million — but reported more active installed devices than ever with 1.3 billion.
"We are seeing growth in developing and emerging markets, and these are new users coming to the Apple ecosystem who will then later down the road spend money on apps and purchasing through Apple software," Suva said.
Less exciting products combined with a more saturated smartphone industry mean the days of "supercycles" are "far behind us," he said.
"The smartphone industry overall is maturing. Most people in developed countries do have smartphones, and so we think the days of double-digit growth for the industry are far behind us," Suva said. "The setup is really more about growing users and net adds."
Apple's newest product, the HomePod smart speaker, hits shelves Feb. 9. Its other major legacy product, the Mac, saw declines in both unit sales and revenue in the December quarter.
(Collected from www.cnbc.com)
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