Apple Inc. (NASDAQ:AAPL) decided to do away with a launch event and announced another batch of new hardware products on Tuesday via press releases. The launches were in line with what Bloomberg's Mark Gurman reported on Saturday.
What’s New At Apple: Apple announced a fully redesigned iPad, powered by the A14 bionic chip, and updated cameras, including an ultra-wide 12MP front camera located along the landscape edge of the device, a 12MP back camera and 4K video. The new iPad will have a 10.9-inch liquid retina display, a USB-C port and Wi-Fi 6. It comes with a starting price of $499.
The company also unveiled its new iPad Pro powered by the M2 chip and the iPadOS 16. It would sport superfast wireless connectivity, the most-advanced mobile display, pro camera, Face ID, Thunderbolt and a four-speaker audio system. The iPad Pro has a starting price of $799 for an 11-inch model. The high-end Wi-Fi + Cellular model costs $1,299
The company began taking preorders for both products on Tuesday and expects them to be available in stores on Oct. 26.
The next-gen Apple TV 4K, powered by the A15 bionic chip and the tvOS, was also announced. It will have HDR10+ support along with Dolby Vision and feature the Siri Remote. Its starting price is $129 and it will be available on Nov. 4 in 30 countries and regions, including the U.S.
The company began taking preorders on Monday.
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Analysts Chime In: Commenting on the launches, Loup Funds’ Gene Munster noted that it has been four years since Apple updated the iPad and Pro before the holiday season. Both these products account for about 6% of overall revenue, he added.
The venture capitalist noted that the iPad price was raised by about $120 or 36%, while the Pro price dropped by 10%. The new Apple TV’s biggest advantage, according to Munster, is its lowered price. The price of the next-gen product has been lowered by 27%, he added.
Taiwan-based Apple analyst Ming-Chi Kuo sees the price drop as a reflection of improved cost structure but said the drop wasn’t enough. All the same, the analyst expects this to help shipments.
“The sub-$100 price should be the sweet spot for Apple TV, so I expect the next-gen will be more affordable,” the TFI Securities analyst said.
Munster, meanwhile, expressed disappointment about not finding the “Find My Remote” feature. Even with the trade-off on battery life, this is a feature that Apple should be adding, he said.
Price Action: Apple stock settled Tuesday's session 0.94% higher at $143.75, according to Benzinga Pro data.
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