FORTUNE — Business Insider’s Henry Blodget has a message for Apple “fans” — an expression he used eight times in the space of one heavily illustrated post Friday, starting with the headline:

Come On, Apple Fans, It’s Time To Admit That The Company Is Blowing It

Buttressing his message is a deck of slides — including the one above — originally presented as part of his keynote at BI’s Ignition conference earlier this week.

Like most of the reporters who covered IDC’s latest smartphone sales report, Blodget left out the important caveat about both tablet and smartphone sales in Q3: Millions of Apple customers were holding out for this year’s models, lowering Apple’s Q2 and Q3 market share and creating pent-up demand for Q4.

Besides, if Apple (AAPL) is “blowing it” based on the tablet sales data presented here, what do you call what Microsoft (MSFT), Amazon (AMZN), Research in Motion (BBRY) and Barnes and Noble (BKS) are doing?

For the rest of Blodget’s slide deck, click here.