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Not all is rosy in the land of Apple.
Despite beating expectations in its fourth quarter and impressive iPhones sales, the company is still struggling to sell iPads.
Apple sold a whopping 39.3 million iPhones during the quarter—a 16 percent increase year-over-year—but it saw a 13 percent drop in iPad sales from the previous year selling just 12.32 million units.
Despite the decline in tablet sales, CEO Tim Cook told CNBC he is still bullish on the iPad and pointed to Apple's new tablets, the iPad Air 2 and the iPad Mini 3, as potential growth drivers for the category.
But this negative trend in iPad sales has become a reoccuring theme that likely won't get better anytime soon, said Scott Kessler, senior equity analyst at S&P Capital IQ.
"Strong iPhone sales and weak iPad sales, this is a repeat of previous quarters," Kessler, who has a price target of $103 for the stock with a 'hold' rating, said.
"When people think back to the event last week, people were impressed, but are those products really going to change the trajectory of the iPad franchise? We don't necessarily think so. It's great that the company is able to deliver thinner, faster, more beautiful iPads, but we think people upgrade on their own cycle and not just because of the introduction of a great new product," Kessler said.
Apple's iPad revenue has been weak for the past several quarters. Year-over-year, Apple's iPad revenue dropped 14 percent in the fourth quarter to $5.32 billion. Some of this decline may be attributed to iPhone sales cannibalizing iPad sales, analysts said.
"I am a little bit disappointed, but not surprised, on the year-to-year drop in iPad units," Paul Meeks, a senior analyst at Saturna Capital, said on CNBC's "Closing Bell" Monday. "What is happening is the iPhone is cannibalizing the iPad."
Kessler said given the recent release of the larger iPhone 6 Plus, this could be the case to an extent, but said it also just has to do with the iPad having a much longer upgrade cycle.
Still though, while iPad numbers remain sluggish, the company's overall performance was impressive for the fourth quarter. The tech giant posted earnings of $1.42 per share on revenue of $42.1 billion and gave sales guidance for the current quarter of $63.5 billion to $66.5 billion.
Apple's strong guidance signals the company is well-prepared for the coming holiday season, Meeks said.
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"I'm impressed with what they delivered, I'm impressed with the guidance," he said.
"They wouldn't give that guidance if they thought there would be problems with the supply chain," Meeks said.
Cook also told CNBC demand for the iPhone 6 models is "off the charts," signaling strong momentum going into the first quarter.
"I think this will be the best holiday season we have ever had," Cook said.