Apple is hoping these upgrades will deliver a jolt to iPad sales. Once a product that flew off Apple's shelves--and thought to be the future of the company--the iPad has been underperforming as of late. Cook said Apple sold more than 225 million iPads worldwide, and in its first four years, the tablet was its best-selling product in the company's history. However in the last two quarters, Apple reported declining iPad sales, an 8% drop last quarter and 13% the quarter before that. Furthermore, Apple's tablet market share is slipping. In the first quarter of 2014, it owned 37% of market share, down from 46% in the same period two years prior, according to data Parks Associates released on Wednesday.

Overall, the industry has experienced a growth slowdown. More than 60% of U.S. households with broadband already own a tablet. Apple is facing more competitors, especially those catering to budget buyers.

From the article "Apple's New iPads: Thinner, Faster, And Now Available In Gold" by Alice Truong.

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