iLounge

During the Goldman Sachs Technology and Internet Conference, Apple CEO Tim Cook discussed the huge potential for tablet sales, noting that 50 percent more iPads were sold last quarter than PCs. “There has been a sea change here, but I think we’re in the early innings of this game,” Cook said. While noting that competitors don’t disclose their actual sales numbers, he said that around 120 million tablets were sold last year, and cited an estimate that tablet sales would more than triple to 375 million units per year over the next four years.

Apple has made significant expenditures in building the iPad’s ecosystem, said Cook, and laid the groundwork for all of the key elements of future success—investments competitors may not have made. Cook noted that 300,000 apps have already been custom-made for the iPad’s screen, versus “hundreds” for competing devices.

Cook doesn’t “really think about” the cannibalization question as it relates to the iPad mini having any impact on the full-sized iPad. “If we don’t cannibalize, someone else will,” he said, later mentioning, “It seems perfectly reasonable to me to have an iPad and an iPad mini” in the product lineup.