Should You Wait for the iPhone 5?

For most companies, selling 26 million of any product would be reason to jump for joy. For Apple, however, when it posted iPhone sales of just 26 million in the previous quarter, it was a disappointment.

Analysts had predicted Apple would sell about 29 million iPhones, a drop from the 35.1 million sold the last quarter, but a manageable one. But 26 million is more like a free-fall -- especially when you consider Apple's iPhone sales increased over the same period in 2011, even though that year's new model, the iPhone 4S, was still months away from being announced.

As CEO Tim Cook himself observed on Apple's earnings call, speculation about the next iPhone -- the so-called "iPhone 5…
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