Apple's 'defining moment' is here — and it may mean moving past the iPhone (AAPL)

Apple’s slow quarter for iPhone sales may spell trouble ahead for the smartphone. The era of double-digit sales growth for the iPhone may be nearing its end. Apple is reaching a “defining moment,” according to UBS Analyst Steven Milunovich, as demand for the iPhone — the device which catapulted the smartphone revolution and the company’s earnings growth — slowed this past quarter.