Tongue in cheek, Mr. Cook called the 37 million “pretty good,” drawing laughs, but then put it in stark perspective: “As I see it, that 37 million for last quarter represented 24 percent of the smartphone market. So three out of four people bought something else. And it represented less than 9 percent of the handset market, so 9 out of 10 people are buying something else.“The smartphone market last year was a half billion units,” he continued. “In 2015, it is projected to be a billion units. When you take it in the context of these numbers, the truth is, this is a jaw-dropping industry. It has enormous opportunities to it. Up against those, the numbers don’t seem so large anymore.”
It doesn't seem far fetched to think that Apple could achieve iPhone unit sales of 200 million per year. For the sake of argument, let's say they can simultaneously grow iPad sales to 100 million unit sales per year, and Mac sales remain relatively flat.
What would that mean for the stock price?