"They became the darlings of the Asian markets, " says Victor Shvets, regional telecommunications analyst at Deutsche Morgan Grenfell in Hong Kong.

CNN: Cell-Phones On the Line

"This is particularly so in developing countries, where you have to see how many people can really afford the handsets and the airtime, " says Shvets.

CNN: Cell-Phones On the Line

Profit growth for cellular companies is slowing, says Shvets.

CNN: Cell-Phones On the Line