Apple (AAPL) has unveiled a new iPad mini ahead of the year-end holidays, its first update to the compact tablet since 2021.
Apple said that the new iPad mini comes with a faster A17 Pro processor that’s capable of supporting artificial intelligence (A.I.) applications and features.
The iPad mini will be available to buy online and at Apple Stores starting Oct. 23. It has an 8.3-inch screen and will cost $499 U.S. Apple said the device is aimed at price sensitive consumers.
The new iPad mini is being released as sales of Apple’s iPhone are slowing. While the iPhone continues to generate nearly half (46%) of the company’s sales, Apple is seeing more growth from other areas of its business.
The strongest growth during the second quarter of this year came from Apple’s iPad division, which saw sales grow nearly 24% year-over-year to $7.16 billion U.S.
Apple released a new full-sized iPad this spring, and it was the first new version of the tablet since 2022, leading to upgrades among consumers.
This is the first upgrade to the iPad mini in three years, and Apple is hoping to generate brisk sales of the new device during the busy holiday shopping period, say analysts.
Apple’s stock has risen 26% so far in 2024 and currently trades at $233.85 U.S. per share.
