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Apple's next hiccup?

The market took a bite out of Apple shares to start the week, with the stock dipping after a cut in the revenue outlook of supplier Dialog Semiconductor. Now one analyst says there could be hiccups ahead for the technology giant.

"Anytime there's a hiccup, people are concerned that we are moving into a stalled part of the cycle — and the fact is, the smartphone cycle is slowing," Colin Gillis, senior technology analyst at BGC Financial, told CNBC's "Squawk Alley" on Tuesday. "It's slowing on a broad basis, and it's slowing in particular for Apple."

Because the majority of Apple's revenue comes from iPhone sales, the company may become a "victim of its own success" as it tries to ramp up sales in an increasingly saturated smartphone market, Gillis said.

In major market China, for instance, iPhones face cheaper, domestic competitors, he said.

"There's a lot of talk about the ecosystem, and the stickiness of the platform," Gillis said. "But we need to see if the upgrade cycle lengthens, stays the same, or if it detracts."

To be sure, Apple has continued to report quarterly and yearly increases in iPhone units sold, and is moving to a more subscription-like model for upgrades. But Gillis pointed to Apple's last hiccup — the iPad — which he said has seen eight straight quarters of declining revenue.

"The concern is, could that happen to the iPhone?" Gillis said. "And what can Apple do on the services layer to replace that revenue?"

The technology giant's shares were down more than 1 percent to $110.89 in late trading Tuesday.

Apple did not immediately respond to CNBC's request for comment.