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The iPhone “super cycle”a wave of upgrades and new customers that was supposed to wash over Apple this year with the introduction of its model Xwas pronounced dead on arrival.

In Apple’s first earnings report since the launch of the pricey flagship smartphone, the company reported lower-than-expected handset sales from the holiday period. Chief Financial Officer Luca Maestri also forecast a decline in the average selling price of iPhones in the current quarter, suggesting the most-expensive models aren’t as popular.

The results are part of a broader malaise in the global smartphone industry. Shipments in the fourth quarter dropped 9 percent, year over year, the biggest decline in history, according to Strategy Analytics.

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