[ianamartin]

I totally didn't say this in my post, so perhaps it sounds a little wonky when I put it like that. Apparently, the only growth that the finance analysts care about is growth in market share. Apple has always eschewed market share in favor of profit share. The markets don't really seem to care about that.

Apple destroys almost every other company on the planet in profitability. Amazon owns the market share for online sales and makes almost zero profit. Somehow that gets a better P/E for Amazon than it does Apple.

Anyway, short version, I think people use the word growth in very specifically different ways.