Apple announces new 7th generation iPad

Heidi Chung
Reporter

Though most of the focus at Apple’s (AAPL) event today was for the new lineup of its flagship iPhone, the tech behemoth also announced a new 10.2-inch 7th-generation iPad.

The product, available for order today, will retail for $329 and ship at the end of the month.

The new iPad follows in the footsteps of the 6th-generation iPad, which has a 9.7-inch screen. It features a retina display with more than 3.5 million mega pixels and boasts a A10 fusion chip. Though some say the A10 chip is a little behind the curve, the addition of the smart connector means consumers will be able to use Apple's keyboard covers.

Greg Joswiak, Apple’s vice president of Product Marketing, speaks in front of an iPad at an Apple event at their headquarters in Cupertino, California, U.S. September 10, 2019. REUTERS/Stephen Lam

The iPad will also be made with 100% recycled aluminum.

“[It has been a] huge year for iPad; we’ve revamped the entire lineup,” Apple CEO Tim Cook said.

[Related: Apple TV+ finally gets its price: $4.99 per month]

Apple revealed that iPad sales totaled $5 billion dollars in its second quarter, up 8% from the first quarter.

Bernstein’s senior tech analyst Toni Sacconaghi wrote in a note to clients Thursday that investors should keep in mind that Apple’s stock tends to outperform in the one- to six-month lead up to Apple’s annual iPhone product announcement event. However, “[Apple stock] has exhibited mixed performance in the immediate days preceding the event, as well as in the 1-to-6 months afterwards.”

Apple shares are up 37% this year and 24% since the last Apple event on June 3. The ETF tracking the tech stocks, XLK, is up 29% so far in 2019.

Ahead of the event, Amazon was making room on its site for the new release by giving customers up to a $399 discount off of the latest iPad Pro model.

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Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.

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