Bloomberg: The iPad Mini is Coming
Bloomberg is reporting that Apple will indeed release a smaller cheaper iPad by year-end.
The new model will have a screen that's 7 inches to 8 inches diagonally, less than the current 9.7-inch version, said the people, who asked not to be identified because Apple hasn't made its plans public. The product, which Apple may announce by October, won't have the high-definition screen featured on the iPad that was released in March, one of the people said.
Earlier today another report from China said Apple is working on an iPad mini that will cost $249-299 and feature a 7.85-inch Sharp IGZO display panel.
With Google's recent announcement of the Nexus 7 tablet, many believe Apple may be more likely to release smaller iPad to protect its market share.