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Apple’s iPad sales slump causes concerns

By
Kaja Whitehouse
Published July 22, 2014, 10:52 p.m. ET

Apple’s iPad sales fell for a second straight quarter, fanning fears that it will only get worse for the once unrivaled device when the tech giant launches its bigger “phablet” iPhone this fall.

While sales of the iPhone grew an impressive 13 percent in the most recent quarter ended June 30, the company sold 9 percent fewer iPads than last year and 19 percent less than the previous quarter.

The biggest enemy of the iPad may turn out to be other competing Apple devices. Indeed, Apple’s lower-priced MacBook Air could be cannibalizing iPad sales before Apple even launches the bigger phone.

Apple on Tuesday said Mac sales overall soared a whopping 18 percent — setting a record for the June quarter. The surge was driven by sales of the lightweight and portable Macbook Air, CEO Tim Cook said in a conference call.

Apple slashed prices on its Macs in late April, pushing the cheapest models of its popular MacBook laptops to under $1,000 for the first time.

Apple shares zigzagged in late trading, rising at first before falling as Twitter lit up with fears that Apple’s plans for a bigger iPhone could further erode demand for the iPad.

Apple shares slipped 0.8 percent to $94 after-hours. The stock closed up 78 cents, at $94.72, during the regular session.

The Cupertino, Calif.-based company is expected to introduce two iPhone models this fall, including a 5.5-inch version to help it compete with bigger-screen phones from Samsung.

Seeking to ease concerns about iPad sales, Cook said he remains “very bullish about the future for the tablet market,” and called Apple’s new partnership with IBM a “catalyst for future iPad growth.”

Earlier this month, Apple teamed up with IBM to transfer its enterprise apps to Apple products. IBM will also start selling iPhones and iPads to its corporate clients, a partnership that Cook said will help Apple “dig deeper” into the corporate markets for tablets.

Apple’s prediction that its tablet sales will surpass PC sales “is still intact,” Cook told analysts and investors. “We just have to do some more things to get the business side of it moving.”

Apple’s revenue rose 6 percent, to $37.4 billion, driven by strong iPhone and Mac sales — slightly short of Wall Street’s expectations.

Apple said it expects revenue for the coming quarter of between $37 billion and $40 billion on profit margins of between 37 percent and 38 percent.

Apple reported profits of $7.7 billion, or $1.28 per diluted share, which beat expectations for earnings of $7.49 billion, or $1.23 a share.

In addition to the bigger iPhone, Apple fans and investors are holding their breath for a smartwatch, which would be the company’s first new product category since the iPad was launched in 2010.

Adding to expectations, the US Patent and Trademark Office on Tuesday approved Apple’s 2011 patent filing for the iTime, an electric wristwatch that would connect to one’s desktop and smartphone using Bluetooth technology.