Apple Inc. CEO Tim Cook has announced a new product launch event titled 'Let loose' scheduled for May 7, to be live streamed on Apple's website.

The event is expected to unveil new iPad models, including the M3 iPad Pro and a 12.9-inch iPad Air, featuring bright OLED screens.

The launch may also introduce the Apple Pencil 3 with enhanced touch and movement gestures.

Pricing details for the new devices are not yet released but anticipated to align with current model pricing.

The event's announcement follows a 25% decline in iPad sales contributing 5.9% to Apple's total net sales in the first quarter.

Despite the sales drop, industry analysts are optimistic about Apple's growth, looking forward to the iOS 18 update with new features.

Apple's Worldwide Developers Conference (WWDC) is also on the calendar, set for June 10 to June 14.