Friday 24 November 2017

Steve Jobs: iPad is like having 'a tiger by the tail'

Apple CEO Steve Jobs revealed the iPad in January. Photo: Getty Images
Apple CEO Steve Jobs revealed the iPad in January. Photo: Getty Images

Richard Blackden

Apple chief executive Steve Jobs said that having the iPad is like "having a tiger by the tail" as he forecast strong growth for the technology company's latest product.

Consumers bought 4.2 million iPads in the last quarter, slightly less than Wall Street analysts had forecast, but enough to see Apple notch $20bn of sales in a quarter for the first time in its history.

In a rare appearance on a call with the Wall Street analysts who track the company, Mr Jobs said "we're already seeing tremendous interest in the iPad from education and, to my surprise, from business. It's getting grabbed out of our hands.

"The more that time passes, the more I'm convinced that we've got a tiger by the tail here," he said.

However, Apple shares dropped in extended trading in New York after the company forecast profits for this quarter that disappointed some on Wall Street.

Apple said that profits in the current quarter are likely to come in at $4.80 a share, less than the $5.03 a share expected by analysts surveyed by Bloomberg News.

Monday's slide in the shares comes after a 51pc jump this year drove the price past $300 for the first time last week.

Apple also reported that profits for the last quarter beat analysts forecasts, as it made $4.31bn of profits on $20.3bn of sales. In the period, Apple sold 4.19 million iPads, 14.1 million iPhones and 3.89 million Apple Macs.

"The problem (with the iPad) is supply," said Brian Marshall, an analyst at Gleacher & Co. "They can't make enough of them. I believe it will be the holiday gift of choice."

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