Various patent battles are also hanging over Apple, which is embroiled in lawsuits against Samsung and other manufacturers of mobile devices based on Google's Android OS. On Tuesday, a judge at the U.S. International Trade Commission issued a preliminary decision, ruling that Apple's iPhone and iPad violated one out of four patents in one particular suit -- a wireless communications patent from Motorola Mobility, which Google is acquiring. An ITC panel will review the decision.

Analysts taking the long view, however, still have faith in Apple. In a research note over the weekend, Canaccord Genuity technology analyst Michael Walkley reiterated his "buy" rating on the company and raised his price target to $740 from $710. The company is not without problems, and does have competition, Walkley acknowledged.

"Our recent channel checks indicated iPhone sell-through share has modestly declined in certain developed markets, and we expect this could continue as Android competitors ramp new smartphones during the June and September quarters and consumers start to hold off iPhone purchases in anticipation of the iPhone 5," Walkley wrote. "However, we believe Apple's potential smartphone share losses during the June quarter will prove temporary, as we anticipate very strong demand for an LTE iPhone 5 during the December quarter."

The bottom line, according to Walkley, is that Apple "is well positioned for strong sales and earnings growth driven by new product introductions across its portfolio."