iPad estimates were cut for the March quarter, "to account for weakness in larger iPads and seasonality." Reitzes now expects 18 million units will be sold, down from 19 million. He expects demand will pick up in the third quarter, with 19 million units sold and 84.9 million units being sold for fiscal 2013.As a result of the iPhone and iPad unit cuts, Reitzes cut his second-quarter earnings estimates to $9.80 a share from $10.01, and slashed his revenue target to $41.63 billion from $42.53 billion. Fiscal third-quarter estimates were taken down to $9.04 a share from $9.84, with sales cut to $38.92 billion from $42.02 billion. For fiscal 2013, Reitzes now expects earnings of $43.75 a share on $181.49 billion in sales, down from $44.56 a share and $184.66 billion, respectively.
Apple Estimates Cut on iPhone, iPad Concerns (Update 2)
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