Apple (NASDAQ: AAPL) stock rose more than 1% in intraday trading Thursday in anticipation of the May 7 event, where the tech giant is expected to unveil a new iPad lineup.
Apple has announced an upcoming event scheduled for May 7th with the catchy tagline “Let loose.” This event is anticipated to be important as the tech giant is expected to reveal its newest iPad models.
The tech giant expects to feature the rumored OLED iPad Pro in its first show of 2024. These new tablets are speculated to come in 11.1-inch and 13-inch sizes, which is 1 mm thinner than the current iPad Pros.
Tech experts predict Apple will power the new OLED iPad Pro with its M3 chip, a recent addition to its MacBook lineup. Apple CEO Tim Cook further stoked excitement with a cryptic tweet, teasing an upgrade for the Apple Pencil and urging followers to “Pencil us in for May 7.”
AAPL Stock: iPhone Sales Struggles in China
Apple’s latest hardware unveiling comes amidst challenges in its iPhone sales, particularly in China. According to market research firm Counterpoint, Apple experienced a significant 19% year-over-year decline in iPhone sales in China during the March quarter, marking a notable setback in its largest overseas market. Factors contributing to this decline include a ban on foreign devices in state-backed enterprises and Huawei’s introduction of a new phone equipped with advanced microchips despite U.S. sanctions.
Despite short-term headwinds, analysts remain optimistic about Apple’s long-term prospects, forecasting a potential “renaissance of growth” in the coming quarters. A recent report from Wedbush Securities suggests that while the upcoming earnings release in early May may present challenges, Apple is poised for a resurgence in performance heading into the September quarter and fiscal year 2025.
Looking ahead, analysts anticipate some updates on artificial intelligence (AI) at Apple’s annual Worldwide Developers Conference scheduled, for June 10th.
Apple (NASDAQ: AAPL) Stock Price Action
At the time of this report, AAPL stock is trading at $169.02, showing a 1.27% increase from the previous trading session. This week, it has gained 0.61% in value. Trading activity indicates that 48,251,836 (48.25 million) shares have been exchanged, which is lower than the average daily volume of 61.42 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
