Apple Insider, covering Piper Jaffray's favorite Apple analyst, Gene Munster, passes along:

Sales of 22 iPhones per stores is down from 28 iPhones per store during November, which suggests a 21 percent decline in sales sequentially compared to the Street's view of a 24 percent drop. However, Munster is betting that expanded international availability will help offset some of these domestic declines and is therefore modeling iPhone sales for the March quarter to be relatively flat at 4.4 million units.

Of course, rampant speculation of a next generation iPhone announcement in June wouldn't have anything to do with it... Like last year...