In a note to clients — as noted by MacRumors — Erik Woodring, an analyst at investment firm Morgan Stanley, predicts that Apple’s quarterly iPad revenue will significantly decline in the fourth quarter of 2023 on a year-over-year basis.
He thinks that Apple will report iPad revenue of US$7.2 billion in the fourth quarter of 2023. That would be a decline of approximately 23% compared to the $9.4 billion that Apple reported for the segment in the year-ago quarter.
The year-ago quarter will be a tough comparison for iPad revenue, according to Morgan Stanley, as Apple announced updated iPad Pro models and the 10th-generation iPad last October. There are rumors that Apple will unveil new iPad Airs and iPad minis, along with a third generation Apple Pencil, this month.
