Apple's Long-Term Outlook Is Still Solid, But...

The trends and products that have driven Apple’s rise over the last couple of years are still there.

  • The iPad is still the personal computer of the future, and Apple’s competition in tablets is still largely unconvincing. The iPad was Apple’s strongest seller last quarter, relative to expectations, with 17 million shipped. Combining iPads with Macs, Apple sold 21 million “computers” last quarter, an all-time record, beating even the most recent holiday quarter. iPad sales will only continue to grow, especially if a smaller, less-expensive version is on the way.
  • The iPhone is still the best mobile ecosystem in the business. The iPhone didn’t sell as well as many observers expected last quarter for a few reasons, including anticipation around a new iPhone in a few months. And because it’s such a huge part of Apple’s business – 46% of its sales in the last quarter and 58% in the prior, blowout quarter – it has an exaggerated impact on Apple’s overall numbers. If the key to smartphone success  is the ecosystem of hardware, software, apps, and services, Apple is still the strongest player in the industry.

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