By Dave Sebastian
Apple Inc. said it would host an online event next week, at which the company is expected to reveal an iPhone with 5G connectivity.
The Cupertino, Calif., company didn't immediately respond to a request for comment regarding the nature of the Oct. 13 event. Apple included the tagline "Hi, Speed" with its announcement.
The event comes a month after the tech company unveiled its smartwatch that can measure blood oxygen as well as a virtual fitness service. The company's September event was its first virtual-only product introduction from its headquarters, where past events have attracted crowds of journalists, employees and guests to help hype the latest offerings.
The September event also marked a shift from the company's custom of Chief Executive Tim Cook unveiling the latest flagship iPhone, as he has done every September since 2012. Finance chief Luca Maestri on a July call discussing quarterly results said the iPhone launch would come a few weeks later than the previous year.
Expectations are high for the next iPhone because the 5G connectivity is expected to usher in big sales and fat profits, investors and analysts say. The next-generation iPhone is among the most anticipated since 2014, when Apple introduced a larger-screened option of the device, which now makes up about 50% of its annual sales.
Production of the next iPhone has been delayed as the company has faced coronavirus-related manufacturing challenges stemming from plant closures and travel restrictions to China.
Apple has turned to services revenue to help offset slowing iPhone sales growth. Services revenue -- which includes the App Store, Apple Music and AppleCare among other businesses -- jumped 15% to $13.16 billion in the April-to-June quarter, while the company's iPhone business increased 2% to $26.42 billion.
Write to Dave Sebastian at firstname.lastname@example.org
(END) Dow Jones Newswires