As history repeats itself, those anxious to snap up Apple shares are catching a break.

iPhone sales were disappointing in the fiscal third quarter through June, causing Apple to miss analysts' estimates for revenue and earnings per share. Analysts had expected Apple would sell about 28 million units of its flagship device. It sold just 26 million. As a result, Apple stock dropped 5% in after-market trading Tuesday.

Flashback to last year. In the quarter ending September, analysts had expected iPhone unit sales would be 20 million and Apple sold just 17 million. Shares dropped 5% the following day. But customers were holding back on purchasing a new iPhone, waiting for the release of what ultimately turned out to be the iPhone 4S.

Something similar likely is happening again this year as customers wait for the next iPhone to be released in the fall. And this cycle should prove more significant as the next iPhone is likely to work with carriers' next-generation LTE standard. It may also be compatible for the first time with the largest carriernetwork in the world