In search of the next world-conquering profit monster

Andrew NuscaBy Andrew NuscaEditorial Director, Brainstorm and author of Fortune Tech
Andrew NuscaEditorial Director, Brainstorm and author of Fortune Tech

Andrew Nusca is the editorial director of Brainstorm, Fortune's innovation-obsessed community and event series. He also authors Fortune Tech, Fortune’s flagship tech newsletter.

FORTUNE — Apple’s iPad can’t get no respect.

Quarter after quarter, the Cupertino-based company posts eye-popping sales figures, and yesterday’s results were no different: $45.6 billion in revenue, $10.2 billion in profits, and earnings per share that topped Wall Street’s estimates. Much of this comes courtesy of iPhone sales, which were up 17% and came in better than expected at a time when the narrative seemed to be turning in favor of rival Samsung.

But in between the back-slapping and champagne bottle sabering — at least, that’s how I like to imagine Apple celebrating most quarters, though its employees are far too focused to engage in such escapades — iPad sales were reported to be 16.4 million units, down 16% and lower than analysts’ expectations. On its face, this is a misleading number. Compared to a year ago, iPad sales seem to be slipping — the wrong direction, especially for this company. Compared to the 43.7 million iPhones sold, iPad looks like a portfolio laggard. And