Apple CEO Tim Cook introduced a smaller version of the iPad
designed to keep customers from buying low-cost tablets from competitors
Microsoft, Amazon and Google Inc. Apple, the most valuable company, unveiled
the iPad at an event today in San Jose, California. The device boasts a 7.9-
inch screen diagonally, compared with the 9.7-inch screen of the current iPad.
Cook is seeking to widen Apple’s lead in the tablet market,
which NPD DisplaySearch predicts will more than double to $162 billion in the
next five years. By broadening the iPad lineup, Cupertino, California-based
Apple aims to add to its 70 percent share of the market just as Microsoft
introduces its own device, called the Surface, and Google and Amazon make
upgrades to their own portable computer lines.
The new iPad comes at a critical time for Apple. Before
today, its shares had dropped 9.7 percent since reaching a record on Sept. 19,
two days before the company released the iPhone 5. Supply constraints are
making it hard for Apple to keep up with demand for the new device. The shares
slipped less than 1 percent to $630.74 at 1:12 p.m. in New York…..
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