If Apple (NASDAQ:AAPL) were to launch the iPad Mini in the current quarter, the company could sell 8 million units of the tablet and land $2 billion in net profit on the device in the three months. The calculations were made by RBC Capital Markets analyst Amit Daryanani, who also estimated that the addition of the smaller tablet to the company’s product line will result in total iPad sales of 29.6 million for the holiday quarter.
Production of the iPad Mini is said to be underway at Apple’s Asian component suppliers, with The Wall Street Journal reporting on Monday that the company had placed orders for 10 million units of the tablet for the holiday quarter. Apple is rumored to be preparing to launch the device at a media event on October 17, with the expectation that it will be put on sale before the end of the month.
Apple has been a huge winning stock pick for Wall St. Cheat Sheet Newsletter subscribers. Don’t waste another minute — click here and get more of our CHEAT SHEET stock picks now.
The 7.85-inch tablet is expected to sport a screen with a lower resolution than the current third-generation iPad and compete in the same price range as Amazon’s (NASDAQ:AMZN) Kindle Fire, Google’s (NASDAQ:GOOG) Nexus 7, and Barnes & Noble’s (NYSE:BKS) Nook.
Daryanani added in his note to investors on Monday that even without the launch of the new device, Apple was likely to sell 21.6 million units of the iPad in the upcoming holiday shopping season.
Don’t Miss: Will Apple’s Greed Be Its Downfall?