Apple is gearing up for an event on May 7, where it is believed to be introducing its latest iPad models, including the much-anticipated OLED iPad Pro. The event, under the banner "Let loose", is the first show for the tech giant in 2024. Predictions suggest the newest tablets will come in 11.1-inch and 13-inch versions, and will be 1mm slimmer than the current iPad Pros.
The OLED iPad Pro is also expected to come packed with Apple’s M3 chip, a recent addition to its MacBook lineup. In a not-so-subtle hint, Apple CEO Tim Cook tweeted "Pencil us in for May 7," indicating a potential upgrade to the Apple Pencil.
The announcement comes as Apple faces a slump in its iPhone sales, particularly in the Chinese market, which saw a 19% drop year-over-year in the March quarter. It's believed this decline is due in part to a ban on foreign devices in state-supported businesses and the release of a new phone by Huawei, despite U.S. sanctions.
However, analysts from Wedbush Securities anticipate a rough quarter for Apple leading up to the earnings release. They expect, however, a turnaround in the coming September quarter and FY25.
As for Apple's Worldwide Developers Conference in June, there are expectations of some AI-related updates. Despite underwhelming Product sales, Apple's Services division has been a bright spot, delivering record-breaking revenue of $23.12 billion - an 11.3% increase year-over-year.
Year-to-date, Apple's share value has diminished by 13%