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