Benedict Evans:

For the first two cycles Apple launched the new iPad in the June quarter and sales then rose in the September quarter (back to school?) and again in the Christmas quarter (presents) before falling in March (old product, new one coming). But then in 2012, iPad Mini rumours led to sales falling in September and then Apple launched the Mini and a 4th gen model in the December quarter. So sales shot up in the December quarter, held up well in March (newer product plus Chinese new year) and then slipped this quarter as it’s now a nine month old product.

Some solid analysis of yesterday’s Q3 results. The first chart really shows the seasonality of Apple products, and the inevitable decline of the iPod.