Apple Inc.'s iPhone revenues grew 18% in fiscal 2018 despite relatively flat unit growth as it continued to introduce more feature-rich phones with higher average selling prices (ASPs). Apple's latest phone releases continue to push the ASPs even higher, but consumers appear to be slowing their upgrades. Given our expectations for the smartphone industry to be relatively flat in 2019, continuing uncertainty around trade friction that could hurt iPhone sales in China, and a recent Chinese court ruling against Apple that may restrict sales of certain older-model iPhones, we now expect unit sales to fall near double-digit percents in fiscal 2019, driving revenue declines in the mid-single-digits. Although we expect iPhone revenues to decline in fiscal 2019, we still expect
