The smartphone business is not growing anymore, according to this year’s installment of Mary Meeker’s much-lauded annual tech industry report. The Kleiner Perkins partner gave her latest presentation Wednesday at the Code 2018 Conference. The findings of Meeker and her team pointed to a general trend of slowing growth in the Internet. Shipments of new smartphones showed zero year-on-year growth in 2017, she said. With more than half the people in the world now using the Internet, growth in user numbers has dropped from 12% to 7%. Meeker said internet usage was still growing solidly—4% year-on-year—but the industry still faces a challenge. “The reality of all for the business people in the room, when you get to a market, when you get to 50% penetration, new growth becomes a lot harder to find,” the venture capitalist told the conference. Read more at Fortune.