Apple CFO Peter Oppenheimer: “The New iPad Is On Fire”

If you were one of the naysayers who thought that there wouldn’t be a very strong consumer appetite for the newest twist on the already very popular iPad, it may be time to think again. Apple’s top executives said today that just a few weeks after the new iPad’s formal launch, sales of the company’s latest iteration on the tablet are already incredibly strong.

Considering that Apple significantly dropped the price of the iPad 2 to $399 at the same time that it debuted the newest version of the iPad which ranges in price from $499 to $899, investors were obviously curious about how sales stacked up between the old and new devices. A full breakdown of the iPad sales generation-by-generation was not disclosed, but on its Q2 earnings call with investors and analysts, Apple CEO Tim Cook and CFO Peter Oppenheimer spoke with enthusiasm about the new iPad’s adoption.

“We’re just learning about the elasticity of demand and the $399 price point is 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,” CFO Peter Oppenheimer said, a sentiment that Tim Cook echoed verbatim later on in the call. This latest release, which saw three million devices sold in its first weekend alone, was Apple’s fastest iPad rollout ever, he said.

In the end, a good deal of people out there were willing to pay a significant premium for the iPad’s new features. “Customers are loving the new iPad with its stunning retina display,” Oppenheimer said.

The CFO was also quick to point out that this is really just the beginning for the device, which made its debut just a month ago in mid-March. “The new iPad was supply constrained last quarter for the full [first] three weeks or so that it was shipping and it actually is still constrained, so mix of new iPad to the iPad 2 is not certain yet.”