Do Macs Still Matter to Apple?
Apple (NASDAQ:AAPL) hasn’t been unaffected by the slide in the PC market. New data from NPD Group shows sales of the company’s Mac computers will continue to fall through the September quarter. That data, seen by Piper Jaffray analyst Gene Munster and reported on by Apple Insider, showed that July sales for Apple’s Mac computers were flat year over year. July is the first month of Apple’s September quarter.
Last quarter, Apple reported sales of 3.8 million Macs, down from 4 million sold in that quarter last year. In the September quarter of 2012, Apple sold 4.9 million Macs. Munster is predicting that number will be around 4.65 million for this year. Since most of Apple’s revenue comes from the iPhone and the iPad, Macs are becoming an increasingly smaller part of Apple’s business.
“Macs are becoming a less meaningful piece of the Apple story. We believe the core themes moving forward for Apple are a cheaper iPhone in September and a TV in the December quarter. We reiterate our Overweight rating and $655 price target,” Munster said in the research note.