Beloved Apple AAPL has been in the headlines recently, with better-than-expected quarterly results bringing post-earnings fireworks. Up 8% over the last month, it seems that the technology titan has regained its mojo, outperforming relative to the S&P 500 in a big way.
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Recently, it was reported by the WSJ that the company has been developing chips for AI software in data centers, finally breaking a bit of the silence surrounding the company’s plans for the technology. And today, the company hosted its ‘Let Loose’ event, showcasing future products and giving the world a peek behind the scenes.
Let’s take a closer look at what all the technology titan unveiled.
Apple Event
Apple announced the iPad Pro, the company’s thinnest product ever (5.1 mm). The iPad Pro comes with the Apple M4 chip and OLED display, expected to deliver robust performance and considerably upgraded graphics.
In addition, the company also unveiled new versions of the iPad Air, now available in 11- and 13-inch models with Liquid Retina displays and powered by the Apple M2 chip. The new models could breathe some life into the company’s iPad sales, which missed our consensus expectations by roughly $390 million in its latest release.
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And finally, the Apple Pencil Pro was announced, now supporting ‘Find My’ and overall reflecting a considerable upgrade from previous generations. The Apple Pencil Pro boasts precise control and advanced features, including haptic feedback and barrel roll.
All in all, it was another successful event for the company despite nothing ‘groundbreaking’ being introduced.
Bottom Line
Apple’s ‘Let Loose’ event brought us several new developments, including new versions of the iPad and an upgraded Apple Pencil. Sentiment has slowly shifted positive for the company over the last month, with better-than-expected results driving performance.
It’s worth noting that the company recently announced the biggest buyback in corporate history totaling $110 billion. Reflecting further positivity, Apple also recently unveiled a 4% boost to its quarterly payout, reflecting the 12th consecutive year of higher payouts.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
