Previous reports indicated that the smaller tablet is already in production, and it appears that Apple Inc. (NASDAQ: AAPL) believes there will be a strong market demand for a smaller, less expensive tablet during the upcoming holiday shopping season.
Rumors about the iPad mini have swirled for months. It is expected to feature a 7.85-inch display and a price tag far cheaper than the larger tablet. Still, it will face stiff competition from rivals including Amazon’s $199 Kindle Fire and Google Inc.’s (NASDAQ: GOOG) $199 Nexus 7 tablet. According to market research firm iSuppli, Apple’s share of the worldwide tablet market fell to 69.6% in the second quarter, down from almost 84% in 2010.
Media invitations to the launch of Apple’s newest tablet are expected to be sent out later this week, with the new device introduced on October 17, followed by a launch date of November 7.
Apple, following its long-standing practice, has said nothing regarding these rumors.
Apple’s shares are trading down about 1.3% just after the opening bell to $644.13 in a 52-week range of $363.32 to $705.07.