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

(Reuters) -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.

The Cupertino, California-based company did not disclose details about the event that would start at 7 a.m. PT (2 p.m. GMT).

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 new models would represent Apple's first overhaul to that lineup since 2018. Apple had introduced iPad in January 2010.

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.

It is a safe bet that there will be new iPads launched that day, given the picture of an Apple pencil and art on the invite, said Ben Bajarin, CEO of consulting firm Creative Strategies.

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.

The company already sells five iPad models including the Pro, Air, Mini and the ninth and 10th generations of its regular iPad, according to the company's website.

Apple's iPad sales contributed just 5.9% to the company's total net sales of $119.58 billion in the first quarter ended Dec. 30.

Apple is also scheduled to hold its Worldwide Developers Conference from June 10 to June 14.

(Reporting by Jaspreet Singh in Bengaluru, additional reporting by Zaheer Kachwala; Editing by Anil D'Silva, Shinjini Ganguli and Shailesh Kuber)