Apple AAPL has had a big 2023 — and it's not done yet.
Its latest lineup of iPhones, specifically the larger and more expensive 15 Pro, is delighting customers worldwide with their high-powered cameras, rethought design and new A17 chips.
Related: Apple releases urgent iPhone update for popular and vital feature
It also released a new lineup of watches. The Series 9 and Ultra 2 were both released alongside its newest iPhones, immediately flying off shelves and pored over on forums by fitness junkies and Apple fanatics alike.
And the financials are bearing out well for Apple, too.
"IPhone revenue came in ahead of our expectations, setting a September-quarter record, as well as quarterly records in many markets," Chief Executive Tim Cook said in the November fiscal-Q4-earnings call.
"Across wearables, home and accessories, revenue came in at $9.3 billion. Apple Watch has become essential in our lives and this is our best Apple Watch lineup ever," he added.
But another accessory has been desperately awaiting some long-anticipated change — and it might be on the way.
Apple may update beloved tech soon
While Apple continues to iterate and update its iPhones, watches and other accessories, one key product has been sitting pretty and waiting for an upgrade: the iPad.
Apple's tablet has been struggling with sales recently. In fiscal Q4 2023 Apple sold $6.44 billion of iPads, down from $7.17 billion during the year-earlier period. Expectations for the quarter were around $8.63 billion.
One reason for the diminished sales and excitement may be that Apple hasn't released a new iPad yet. In December 2022, Apple released a brand new iPad Pro, which helped boost sales. But Chief Financial Officer Luca Maestri told investors he expected iPad sales this year to "decelerate significantly."
Unless, of course, Apple were to update its iPads, giving it another shot at a rebound around the holidays. And according to new reports, that may be exactly what Apple is planning to do.
Apple analyst Ming-Chi Kuo expects Apple to aggressively upgrade its iPad models, probably not before Christmas but definitely in Apple's fiscal 2024.
Here's what he foresees, generally:
- Update all iPad Air models
- Update iPad Mini
- Introduce a new, larger 12.9-inch size iPad Air
- Upgrade iPad Pro with OLED displays
- Discontinue oldest iPad (9th generation)
As far as a timeline, Ming-Chi Kuo expects the iPad Air updates to come first, possibly as early as Q1 2024. The Pros will then be updated sometime later in 2024, and the Minis will be updated last.
The biggest refreshes will probably involve the most expensive and capable iPads, the iPad Pro. Here's what Ming-Chi Kuo says an upgrade could involve:
- New OLED screens for richer display and better battery
- Newest M3 chip
- Redesigned chassis
Thanks to these planned upgrades, analysts expect Apple's iPad successes could come back with a vengeance, as pent-up demand for a refreshed tablet could be priming the market.
Excitement for iPads peaked following the pandemic, when Apple shipped a total of 63 million in fiscal 2022. Estimates for this year are around 50 million.
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