Intel Corp (INTC)

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Smart phones have been decline for some time.

Not true! Smartphones grew in 2015...

What I think will be interesting, though, is how Apple handles what is surely going to be a "shocker" fiscal 2016 in which iPhone sales decline y-o-y for the first time ever.

I remember from Apple's last earnings call, one analyst pressed Cook for his views on iPhone potentially declining in the year. Here's what he said:

We believe that iPhone will grow in Q1 and we base that on what we are seeing from a switcher point of view, we recorded the highest rate on record for Android switches last quarter at 30%.

We also look at the number of people that have upgraded, that were in the installed base prior to iPhone 6 and 6 Plus. And that number is in the low 30 percentages. So we feel like we have a very open field in front of us. Our performance in emerging markets although it’s quite good and our revenue was good our market share is low and the LTE penetration in these markets is quite low.

Tomorrow's Apple earnings call will be very interesting, I can't wait.