Apple’s earnings show that, yeah, it’s really time for some new iPads

Less than a week ahead of its much-anticipated iPad hardware event, Apple shared its Q2 2024 earnings today, and the numbers paint a predictable picture for the increasingly dated tablet line. iPad revenue fell substantially yet again (by 17 percent year over year) amid the longest-ever wait for new models — something Apple is days away from finally rectifying. At the same time, iPhone sales tapered off a bit (down 10 percent), while the company’s services business remains the star of the show. It was up 14 percent compared to the year-ago quarter.

Apple also released its Vision Pro headset during this quarter, but CEO Tim Cook didn’t offer any indication of how things are going. “During the quarter, we were thrilled to launch Apple Vision Pro and to show the world the potential that spatial computing unlocks,” he said in this afternoon’s press release.

This is the last earnings report before Apple’s WWDC conference in June; that’s where the company will reveal its approach to bringing generative AI software features to iOS, macOS, iPadOS, and its other platforms. “We believe in the transformative power and promise of AI, and we believe we have advantages that will differentiate us in this new era,” Cook said on the earnings call with analysts.

Apple is said to be exploring potential partnerships with Google and OpenAI. The initial wave of AI features is expected to run on-device, Bloomberg’s Mark Gurman has reported, which could help them work faster while adhering to Apple’s privacy standards.

But before all that, Apple is expected to announce new iPad Pros (with OLED displays for the first time) and revamped iPad Airs this coming Tuesday — with a bevy of new accessories to go with the long-awaited devices. The Verge will be covering the virtual event live as it happens, so you’ll want to join us next Tuesday morning to get the full scoop.

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