Apple announces event on May 7 amid reports of launch of new iPads

- Apple will hold an event on May 7, the company said on Tuesday, amid reports that it would roll out the long-anticipated revamped versions of iPad Pro and iPad Air next month.

Bloomberg News reported in March that Apple's overseas suppliers had ramped up production of the new iPads and a launch was planned for early May. The potential launch comes at a time of a decline in iPad sales. The sales dropped 25% to $7.02 billion in the first quarter, while those of iPhone, its most popular product, have also been slowing.

The tablet market is under duress as economic uncertainty looms and consumers cut back on non-essential spending, but Apple expects to combat the slump in demand with new products.

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