NEW YORK (TheStreet) -- Amid slowing iPad sales, Apple (AAPL - Get Report) will be looking to reinvigorate growth from its second-biggest product line, with the next iPad helping further the thesis that tablets will really overtake the PC.
In Apple's fiscal third-quarter, the company shipped just 13.2 million iPads, generating $5.89 billion in revenue. Both revenue and units shipped fell sharply, with revenue falling 23% sequentially and 8% year over year, and shipments falling 19% sequentially, and off 9% year over year. That marks the second quarter in a row of sharply lower iPad revenue and shipments, something CEO Timothy D. Cook pointed out on the earnings call.
On the call, Cook noted, "Our sales were gated in part by a reduction in channel inventory and in part by market softness in certain parts of the world. For example, IDC’s latest estimate indicates a 5% overall decline in the U.S. tablet market, as well as a decline in the Western European tablet market in the June quarter."
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