En Fortune/CNN

“… First, the bad news: Apple’s profits aren’t growing much. We pretty much know why. The iPad Mini accounts for about half of Apple’s iPad sales—and the Mini is a less profitable product than the Maxi. The other strain on Apple’s profits is its capital expenditures, a forecasted $10 billion this year, up from $8 billion the year before.

Oh, there were other reasons. Personal computer sales are generally weak the world ‘round, and Apple isn’t immune. Apple’s quarter was a week shorter than in the year-earlier quarter. Really.

Now for the good news: The iPad Mini’s success is a sign that no matter what CEO Tim Cook implies about not being concerned about market share—he answered a direct question on the subject by saying Apple is focused on building great products, not growing revenues—Apple is fighting to keep its share of the tablet market. He dismissed a question about Apple’s interest in producing multiple sizes of iPhones. All that means is that Apple hasn’t yet introduced multiple sizes of iPhones.

It’s difficult for people to understand this, but Apple thinks of itself as an underdog, not a top dog. It was down for so long that the stratospheric rise caught Apple by surprise. It always believed it was better than the competition, which gave it the confidence—some would say arrogance—to go its own way. If Apple sounds a bit defensive today, explaining itself more than just showing its not-quite-as-perfect-as-we’d-hoped products, maybe it’s a good thing. …”