The iPad pie shrinks as its revenue contribution shrivels to record low

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Apple on Tuesday said it sold just 10.9 million iPads in the June quarter, a drop of 18% compared to the same period the year before, marking double-digit declines that now stretch back to January 2014.

The iPad generated $4.5 billion in revenue, representing just 9% of Apple's total revenue of $49.6 billion, the smallest share ever in the tablet's five-year history, including its debut in the second quarter of 2010 when the iPad accounted for 14% of Apple's revenue.

Yet CEO Tim Cook continued to talk up the opportunities for the iPad, a habit that may be wearing thin among Wall Street analysts who have heard it all before.

"I am still bullish on iPad," Cook said during a conference call with those analysts yesterday. "I think and I believe that the iPad consumer upgrade cycle will eventually occur." Moments later, Cook added, "It's not like people have forgotten iPad or anything. It's a fantastic product. So I see a lot of runway."

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