Morgan Keegan analyst, Tavis McCourt, has revised downwards his projections for sales of the iPad in Apple’s first fiscal quarter of 2012, which ended in December. McCourt now believes that only 13 million iPads were sold in the quarter, down from his previous projection of 16m.
He also states that the Kindle Fire would have sold between 4-5m units over the festive season, which would have hit iPad sales by up to 2m “at most."
However, while iPad sales may be down, the iPhone continues to sell well with McCourt upping his projections for the quarter from 27m to 29m. Macs continue to sell well according to the analyst, who has slightly realigned his projection downward from 4.9m to 4.8m sales in the quarter.
“In sum, we believe December will turn out to be another great quarter for Apple with share gains in Mac and iPhone product lines, and continued strong growth in iPad, although slightly slower than we originally anticipated,” he writes in a research note.
“We expect Apple to continue to show strong growth in fiscal 2012 with the success of a forthcoming iPad upgrade and continued sales of iPhone 4S being the major determinants of what rate Apple can grow this year. We expect iPhone 5 in fall 2012 to be a significant revenue and earnings growth driver, and a potential Apple TV as upside to our model if it comes to fruition this year. We do expect year-over-year growth to be somewhat more challenging in March/June for Apple due to tough comparisons from fiscal 2011.”