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Apple announces 'speed' event next week, new iPhones expected

·1-min read
FILE PHOTO: The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in New York
FILE PHOTO: The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in New York

(Reuters) - Apple Inc <AAPL.O> said on Tuesday it would hold a special event on Oct. 13, which most analysts believe will be used to unveil new iPhones with 5G capabilities.

Apple hinted at new, faster networking capabilities in the invitation for the event, which read: "Hi, Speed."

In years past, Apple has announced new iPhones in mid-September and started shipping them to customers before the end of the month. Financial analysts use the number of weeks that Apple has iPhones on sale to help model their predictions for the company's financial results during the holiday shopping season in Western markets, typically Apple's largest sales quarter.

This year, however, Apple executives had warned investors that new iPhones were not likely to ship until October. Apple held an event in September to introduce new Apple Watch and iPad models.

Analysts expect Apple to show a new version of the iPhone with 5G connectivity at the event. Analysts have also highlighted possible new AirPods over-ear wireless headphones and tags for finding lost items using wireless signals.

Apple shares have soared this year even as the coronavirus has crippled economies around the world, thanks in large part to booming sales of work-from-home items.

Even though Apple stock has fallen from a record high on Sept. 2, it remains near a $2 trillion stock market valuation.

(Reporting by Stephen Nellis in San Francisco; Editing by Matthew Lewis)