Go download the earnings presentation for yourself.
MSM shipments have steadily declined from 919M units in 2014 to about 800M units in 2018.
Sure total units of all chips are up, but many of those are "jelly beans" with low ASP.
The accountants can play all sorts of games with numbers, but the declining revenue and MSM sales are alarming. Also, cash on hand is now down to $13B, down from $38B due to stock buybacks (aka crack addiction).
With declining revenue, the only way to grow earnings is cost reduction.