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Default iPad 2 Discounts Drawing in New Customers - 05-01-2012, 07:10 AM

At the launch of the new iPad, Apple continued selling the previous iPad 2 at a discounted $399 price. Over its first quarter, the new price point is attracting a new audience of buyers, particularly in education.

Apple's chief executive Tim Cook predicted the new $399 model would be attractive to education markets at its launch. In yesterday's quarterly earnings call, Cook reiterated that the new model appeared to be broadening the potential market for iPad buyers.

When asked by Katy Huberty of Morgan Stanley about "the potential to move to lower price points on the iPad over time and see significant incremental demand," Apple's chief financial officer Peter Oppenheimer answered:

"Look, Katy, we're just learning about be the elasticity of demand and the $399 price point. It's doing well. But I have to tell you, the new iPad is on fire, and we're selling them as fast as we can make them. So we'll learn more over this quarter especially as we get through the education buying season, which looks terrific for us especially on the iPad."

Oppenheimer had previously stated, "iPad continues to open doors for new customers with whom Apple previously had no relationship. As we enter the K-12 institution buying season, we're hopeful that iPad will be a popular choice."

He also revealed that, in the US, K-12 schools were now buying twice as many iPads as Macs, despite the fact that Apple's conventional computer sales still set a new sales record for the quarter.
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