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Apple Expected To Unveil New iPad At May 7 Event

Consumer electronics giant Apple (AAPL) is widely expected to unveil an overhauled version of its iPad tablet at an upcoming event scheduled for May 7.

Analysts have been expecting new versions of the iPad Pro and iPad Air for years. Apple’s signature tablet, which was launched in 2010, has not been significantly updated since 2018.

A revamped iPad comes as sales of the device decline. Industry data estimates that iPad sales fell 25% to $7.02 billion U.S. in this year’s first quarter.

iPad sales contributed about 6% to Apple’s total sales of $119.58 billion U.S. in the final quarter of 2023.

Sales have suffered amid economic uncertainty, rising competition, and as consumers cutback on discretionary spending.

Apple currently sells five models of iPad, including the Pro, Air, and Mini versions.

Apple is scheduled to deliver its first-quarter earnings on May 2. The company has also scheduled its annual developers conference from June 10 to 14 this year.

The stock of Apple has declined 10% so far in 2024 to trade at $166.82 U.S. per share.