Apple Delays Production Of Larger 'iPad Pro'

Apple Inc. AAPL has delayed production of a new, 12.9 inch iPad as the result of supplier issues, according to Bloomberg News. Apple is set to begin production around September, two quarters later than Apple originally planned to make the product available.

Sales of iPads have declined for four straight quarters, the result of stiffer competition from larger iPhones, as well as other tablet makers. Many analysts suspected Apple was planning a larger iPad, but the company has not publicly disclosed any plans as of yet.

Related Link: Carl Icahn Feels Apple Would Be Undervalued Even At $200

According to the Bloomberg report, a larger iPad could be more appealing to business customers – a key market that activist investor Carl Icahn cited as a growth opportunity for the tech company. Icahn believes that more business sales could help iPad sales grow by 13 percent annually for the next three years.

Shares of Apple closed Wednesday at $128.54.