KEY TAKEAWAYS
- Apple on Tuesday announced an event on May 7, during which it is expected to unveil a new iPad line.
- The company's first launch event in 2024 is rumored to include the OLED iPad Pro.
- Apple continues to struggle with its device sales, with iPhone sales down 19% year-over-year in China in the March quarter.
Apple (AAPL) on Tuesday announced a May 7 event, under the slogan "Let Loose," during which the company is expected to unveil its latest iPad models.1
The company's 2024 debut is rumored to include the OLED iPad Pro. The new tablets are expected to come in 11.1-inch and 13-inch models, but are 1mm thinner than the current iPad Pro.
Tech experts also expect the new OLED iPad Pro to include Apple's M3 chip, which was recently added to the MacBook lineup. Apple CEO Tim Cook also hinted at an Apple Pencil upgrade, tweeting: “Draw us by May 7th. »3
Apple's latest hardware release comes as the company struggles with iPhone sales in China. The company saw a 19% year-over-year decline in its largest overseas markets in the March quarter, according to market research firm Counterpoint.4 Apple's smartphone market share fell from first to third place in China, amid a ban on foreign devices in the country. country. Supported companies, besides Huawei, have launched a phone equipped with the latest electronic chips despite US sanctions imposed on access to advanced chips.
A recent analyst report from Wedbush Securities said Apple could face another tough quarter when it next releases its results in early May. However, analysts said the company is expected to see a “growth revival ahead of the September quarter and FY25”.
Analysts also expect updates on artificial intelligence (AI) at the company's annual Global Developers Conference on June 10. Apple's services division set a record revenue when reporting its first quarter results, jumping 11.3% year over year to $23.12 billion, helping to offset the stagnation of product sales.6
Apple shares have lost 13% of their value since the start of the year.