Financial Analysts has been underestimating Apple since 2004. This time they're pumping up the expectations.
Overall it is still a spectacular Quarter for Apple.
"Highest September Quarter Revenue and Earnings Ever" and it's a disappointment.
This is like the market equivalent of "eh, her knees are too pointy".
Scumbag stock market. Why not forget IPOs and stay private?
The expectations have nothing to do with where they were last year. Rather, they're built on forecasts of how the market (and Apple) think they will do in the future.
Also see here: http://news.ycombinator.com/item?id=3128143
So, no, this shift is not explained by how anyone thinks Apple will do in the near future.