Technology giant Apple on Monday announced financial results for its latest quarter, revealing that total revenue and profit was up year-over-year, but iPad sales continued to slide.
For the quarter ended March 28, Apple posted $58 billion in revenue and a profit of $13.6 billion. This compares to revenue of $45.6 billion and net income of $10.2 billion during the same period last year.
Year-over-year growth was led by strong sales of the iPhone and Mac line, as well as an “all-time record performance” by the App Store.
“We are thrilled by the continued strength of iPhone, Mac, and the App Store, which drove our best March quarter results ever,” Apple CEO Tim Cook said in a statement. “We’re seeing a higher rate of people switching to iPhone than we’ve experienced in previous cycles, and we’re off to an exciting start to the June quarter with the launch of Apple Watch.”
But it wasn’t all good news for Apple during the quarter. As you can see in the image above, while iPhone and Mac sales were up compared to last year, the same can’t be said for the iPad. Total sales for the tablet line came in at 12.6 million, compared to 16.3 million during the same period last year.
Year-on-year iPad sales declines is becoming a regular occurrence for Apple, and Cook says he might know why.
“What you do see is that people hold onto their iPad longer than they do a phone,” Cook said back in October. “Because we’ve only been in this business for four years, we don’t know what the upgrade cycle will be for people.”