Mac sales decline is the problem
No matter how many gazillions of shiny iToys the company sells, the vast majority are still being hooked up to Wintel machines. Declining desktop/laptop market share and declining profit margins on the iToys are exactly what Apple should be most concerned about. Phone and tablet markets are far too volatile for such a large company to peg its future on, and Apple has done too little to build up the Mac as a ubiquitous general computing hub that would have assured their long term success. They should have made lower-cost machines available, and allowed OSX to be installed as a Windows replacement on x86 machines in order to dominate the desktop and laptop market when they had the chance.
As it stands, they seem to be following the path of Palm, RIM, and Sony in trying too hard to ultra-specialize in expensive gadgets. Already there are better phones and tablets on the market than what Apple offers for a lower or similar price - won't be long until quarterly sales of those toys fall just like the iPod is already.