Tim Cook: Customers aren't looking for tablets, they're looking for iPads

During the Q&A following Apple's Q3 2012 conference call, CEO Tim Cook was asked about the competition the iPad faced from smaller, lower priced tablets like the new Google Nexus 7. Cook's answer, paraphrased, was that there remains no competition to the iPad.

The iPad 2 was reduced in price to $399. It's done very well. The new iPad is the most popular but the iPad 2 did very well, particularly in K12 (primary education). Apple sold 1 million units in that space. Apple's been very aggressive and they don't see changing that.

And what competition? Apple has seen many tablets. 100s of them over the last year. They've yet to see any of them gain any traction. When it comes to apps and experience, Apple feels most customers aren't looking for a tablet. They're looking for an iPad.

Cook also once again pointed out the phenomenal growth curve the iPhone, which has been faster than both the iPod and the iPhone, and had a blow-out 17 million in unit sales this quarter alone (which didn't even include this week's launch in China).

Neither Cook nor Apple Chief Financial Officer, Peter Oppenheimer would discuss future product plans, and fended off any attempts to probe them about rumored devices like the iPad mini.

However, Oppenheimer did mention that there would be a product transition coming up that was factored into Apple's next-quarter forecasts. iPhone 5 could certainly fit that bill of materials. But so could other devices.

Apple, of course, remains excited about their future product pipeline. If they do, in fact, address even lower price points, we all might be...