Is the iPhone Dying Abroad?

Apple’s (NASDAQ:AAPL) iPhone continues to be mighty in the U.S., but its growth internationally is slowing, an analysis by Raymond James analyst Tavis McCourt has found.

According to McCourt’s calculations, combined fourth-quarter iPhone sales at AT&T (NYSE:T) and Verizon (NYSE:VZ) were up 25 percent to 14.8 million units, while all other smartphone sales declined by 2 percent at the two carriers. From a market share basis, Apple took 74 percent share of smartphones at these two carriers against 69 percent a year ago. “Assuming modest success at Sprint (NYSE:S),” the analyst said iPhone sell-through estimate outside of the U.S. could be put at 29.2 million. This would represent a 35 percent year-over-year growth, or a deceleration from the 40 percent growth of the third quarter.

McCourt charts historical and possible sell-through international growth of the iPhone: