Cramer: Apple iPhone Becoming Yesterday’s Gadget?

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As pros sift through new results, they've started to wonder if another company is about to make the iPhone yesterday's gadget.

Digging down into the latest releases from Appleas well as its rivals, pros have discovered some interesting metrics.

For the quarter ended in March Apple sold 37.4 million iPhones. Meanwhile published reports say that rival Samsung shipped more – well over 25 million more – for a total of 65 million smartphones during the same time period.

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Although the total number of iPhones sold increased, some pros see these results as a sign that iPhone growth is not nearly as robust as it should be. They worry Apple is losing its status as the maker of the must have smartphone.

And they don't think Apple's management is even aware of developments.

"The earning call was surreal," said Jim Cramer. "Apple just prattled on about how much people love Apple. It was as if the management was giving a liberal arts course on the greatness of the Apple civilization."

And if the management of Apple isn't acknowledging the threat presented by rivals, let alone detailing an aggressive strategy to prevent it, pros think the company could get smoked.

As a result, "The Street is now fixated on gross margins, because gross margins are the giveaway about Apple. That is, it reveals whether Apple can continue to charge more simply because people are willing to pay up for their gadgets," said Cramer.

Looking at that metric from the latest earning release, results are far from promising; Apple's gross margin shrank to 37.5 percent from 47.4 percent a year earlier.

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Of course Apple will always have faithful fans, that's not what has been called into question. The issue is whether the increase in its customer base is growing incrementally smaller as rivals win the hearts and wallets of customers.

"Make no mistake, the analyst community is currently giving Apple a raging thumbs' down," Cramer said.

Reaching back to the conference call, if Apple was in fact giving a quick course on the Apple civilization, Cramer said "to me it feels more like the fall of the Roman Empire, not the rise of it."

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