iPad Pro refresh helped Apple beat earnings expectations
Customers are opting for the high-end iPad Pro models, driving an increase in sales and renewed interest in Apple’s tablet line.
In May 2024, Apple launched new iPad Pro and iPad Air models, featuring faster processors, improved displays, and slimmer designs. These updates were introduced mid-quarter, offering only a glimpse of their potential market impact.
Nevertheless, the results so far indicate a positive reception from consumers, particularly for the high-end iPad Pro models.
The refreshed iPad models played a crucial role in this quarter’s success. The iPad Pro, available in 11-inch and 13-inch models, accounted for 43% of total iPad sales, up from 38% in the previous year, according to Consumer Intelligence Research Partners (CIRP).
iPad Model Share (June quarter of each year)
The iPad Air also saw upgrades, but the sales data suggests that the initial surge of buyers gravitated more toward the Pro models, primarily due to their advanced features and performance. However, the essential iPad continues to maintain steady sales, representing about one-third of all iPad sales for current and previous years.
Its stability can be attributed to its price point and consistent performance, with the last major upgrade occurring in mid-2022.
iPads boosted Apple earnings
These improvements in the iPad lineup contributed to Apple’s strong overall performance in quarter three of 2024. Apple reported $85.78 billion in revenue for the quarter, a 4.87% increase year-over-year.
iPad quarterly revenue
The results beat analyst expectations, driven by a significant 23.63% year-over-year increase in iPad sales. Overall, sales for the device reached $7.16 billion.
The successful launch of the new iPad models and strong overall earnings indicate that Apple’s strategy to refresh its product lineup and focus on high-end models is paying off. Future quarters will reveal more about the sustained impact of these product updates on the company’s market position.