Apple unveiled a more powerful and more expensive iPad on Tuesday, as the tech giant looks to reverse a long slump in gadget sales.
The Cupertino, California-based company announced new versions of its flagship iPad Pro and more affordable iPad Air at an online event that Apple CEO Tim Cook called “the biggest day for iPad since its launch.” was unveiled.
The updated iPad Pro utilizes Apple’s more powerful M4 chip, which will help the company integrate more artificial intelligence capabilities within its devices.
Related: Previous Apple iPad models are now available at the lowest price ever on Amazon
The new version is said to be lighter and thinner than the previous model while utilizing “the world’s most advanced display.”
Elsewhere, the redesigned version of iPad Air has a larger display than past models and a less advanced M2 chip.
Investor reaction to the iPad event was muted.
Apple shares were flat in midday trading.
The 11-inch version of the new iPad Pro starts at $999, and the larger 13-inch version starts at $1,299.
Both were about $200 more expensive than their predecessors.
The 11-inch version of iPad Air costs $599, and the 13-inch version costs $799.
Apple also announced new accessories linked to the iPad, including a so-called “Magic Keyboard” starting at $249.
All new products will be released on May 15th.
The tech giant is looking to bounce back from a tough start to the year.
Apple’s stock price has fallen nearly 2% since January as it navigates a number of challenges, including weak demand for iPhones and a major antitrust lawsuit filed by the Justice Department.
In Apple’s second-quarter financial results released last Tuesday, the iPad division was a weak point.
Revenue for the quarter fell 17% to $5.6 billion, below analysts’ expectations of $5.91 billion.
Apple sold 9.9 million iPads in the first quarter. According to data compiled by IDC. This figure was an 8.5% decrease compared to the same period last year, when Apple sold 10.8 million units.
Despite the downward trend, Apple still holds a commanding lead in the tablet market since the debut of the iPad in 2010.
The company had a 32% market share in the first quarter, while its closest competitor, Samsung, held a 21.7% share.
Apple is expected to provide a major update on its AI plans at its Worldwide Developers Conference in June.
“Apple’s AI strategy consists of an AI app store that will be the foundational starting point for developers and AI apps for years to come,” Wedbush analyst Daniel Ives said in a note to investors. I think so.”
