Apple avoided the worst scenarios which forecasters had mapped out for its second fiscal quarter, but it still reported its first drop in revenues and profits of the iPhone era, and its first ever year-on-year fall in sales of the iconic handset itself. The speculation about the exact features of the next iPhone, and whether they can restore the company to its former heights, will be as intense as ever in the coming months, but they will be largely missing the point. The smartphone, including even the iPhone, has peaked, and vendors will need to find a new path to growth. There will be ups and downs, and a strong iPhone 7 will still sell better than any other single…