"I don't believe mobile phones are suddenly going out of...

"I don't believe mobile phones are suddenly going out of fashion, who here doesn't own or use a smartphone?"

I agree with peejayhercules:

"(b) people will hold onto their smartphones longer (without any major drivers to change)"

This is also pretty much what the commentators were saying on Bloomberg as well. The market is getting saturated with smartphones so the growth is in upgrades and the upgrades are slowing because people don't feel the need to upgrade.