The strong demand for the Apple (AAPL) iPad is not coming at the expense of Mac sales, according to UBS analyst Maynard Um.
In a research note this morning, Um asserts that while iPad sales are tracking ahead of estimates, the additional sales are not coming from at the expense of Mac demand. He says a survey of Apple customers waiting in line for the 3G iPad in Friday – and a similar survey when the WiFi iPads went on sale a month ago – found that 94% of respondents were not expecting to use the iPad as a replacement for other computers.
Apple earlier today said that iPad unit sales hit the 1 million mark on Friday.
Um notes that every 100,000 iPads sold boost EPS for Apple by about a penny a share.
AAPL is up $5.01, or 1.9%, to $266.10.
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