Apple Inc. (NYSE: AAPL) is looking for buzz and new revenue. It hopes its new iPad will give it both. It will launch the next generation of the tablet soon, before the anticipated iPhone 16 launch in September.
According to Bloomberg, the new tablet will be released in about a month. There will be two versions: the iPad Pro and the iPad Air. The Pro will get a new OLED display, measuring as much as 12.9 inches in the high-end version. Bloomberg reports, “The move marks an end to the longest stretch without new models in the history of the iPad, which was first introduced by Apple co-founder Steve Jobs in 2010.” Jobs died one year later, and current CEO Tim Cook took over.
The iPad has been a drag on Apple’s earnings recently. Apple’s most recent quarterly report shows iPad revenue dropped from $9.4 billion in the quarter a year ago to $7.0 billion. (Here is how much money Apple makes every minute.)
There are currently five iPad models. The most expensive is the Pro, which has a base price of $799. With upgrades, the price can top $2,400. The least expensive, the Mini, sells for as little as $499.
The new iPad has impressive features. No matter how well it does, there is no denying that most investors will wait for the iPhone 16. If it does not have remarkable upgrades, which will have to include AI features, Apple’s falling stock will probably drop a great deal more.
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