Apple Expected To Unveil New iPads at Event on May 7

Apple (AAPL) on Tuesday announced a May 7 event, with the tagline “Let loose,” where the company is expected to unveil its latest iPad models.

The company’s first show of 2024 is expected to include the rumored OLED iPad Pro. The new tablets are expected to come in 11.1-inch and 13-inch models but be 1 mm thinner than the current iPad Pros.

Technology experts also expect the new OLED iPad Pro to include Apple’s M3 chip, which was recently added to its MacBook lineup. Apple Chief Executive Officer (CEO) Tim Cook also hinted at an upgrade for the Apple Pencil, tweeting, “Pencil us in for May 7.”

Apple’s latest hardware release comes as the company struggles with its iPhone sales in China. The company saw a 19% drop year-over-year in its biggest overseas market during the March quarter, according to market research firm Counterpoint. Apple’s smartphone market share fell to third from first in China amid a ban on foreign devices in state-backed firms, as well as Huawei’s release of a phone with the latest microchip despite U.S. sanctions on access to advanced chips

A recent analyst report from Wedbush Securities said Apple could have another tough quarter in its upcoming earnings release in early May. However, analysts said the company should see a “renaissance of growth heading into the September quarter and FY25.”

Analysts also expect some updates on artificial intelligence (AI) at the company’s annual Worldwide Developers Conference on June 10. Apple’s Services division delivered a record for revenue in its first-quarter earnings release, jumping 11.3% year-over-year to $23.12 billion, helping to offset flat Product sales.

Apple shares have lost 13% of their value year-to-date.