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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC Capital... More
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  • Trust me, the iPad craze is just beginning: iPad2 sales crush original  0 comments
    Mar 15, 2011 9:42 AM

    HedgeFundLIVE --  Rumors are surfacing across the web that disappointed customers who stood online for their very own iPad 2 today, but left empty-handed, were told to come back early tomorrow morning as new shipments will facilitate restocking early this morning.  One might think that the iPad 2 went on sale this morning, and that Apple, as usual, “underestimated” demand and will ship more.  But the new and improved Apple tablet went on sale in retail locations at 5pm EST this past Friday!  My friend who lives on West 67th street described the scene outside the Apple Store at 1981 Broadway in NYC: “the line went up 67th street, up Broadway, and down 68th street, only to finish on Amsterdam Avenue”, so about 4 blocks worth of people hoping there would be an iPad 2 in stock for them.  Mashable.com relayed the story of Manhattan Community College student, Amanda Foote, who sold her first-in-line position at the NYC Fifth Avenue store to app developer HAzem Sayed for $900.  I’d say Amanda deserves a Finance credit or two for that transaction.

    Analysts across Wall Street and Silicon Valley are estimating that Apple may have sold 1 million iPads over the weekend.  If you recall, it took Apple nearly a full month, about 28 days, to move 1 million units of the original iPad.  Apple stores, AT&T and Verizon stores, Targets, Wal-Marts, and Best-Buys all sold out of the iPad 2.  Ravi Jariwala, a spokesperson for Wal-Mart said “We expect to sell as man iPad 2′s as we can receive from Apple.”  So I take you back to my original question: why should iPad be so different from iPod?  The iPod debuted in 2001 and continues to sell multi tens-of- millions units every year.  Back when the iPod hit the market many of us thought that was it – Apple created a best-in-class mp3 device, but there’s not much tweaking that needs to be done.  Today’s iPods look nothing like their forefathers, and I would venture to bet that 2021′s iPads will be similarly evolutionary.  I have no idea what iPad 10 will look like since the current super-thin internet surfing device stretches my imagination enough, but that’s why I don’t work in Apple’s design department.

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