Apple has scheduled a special event for tomorrow (23 October) where it is expected to unveil a smaller version of the successful iPad.

News broke in August that Apple would be launching a smaller iPad in October. Many analysts believe the move is a reaction to the success of smaller rival devices from Amazon and Google. Although the late Steve Jobs declared that a smaller iPad would be an unwelcome compromise

The iPad 'mini' is expected to house a 7.85 inch screen - a third smaller than the iPad's 9.7 inches - and may retail as low as £200.

Apple is still the market leading tablet manufacturer but has seen the success of smaller devices such as Amazon's Kindle Fire eat into its sales. Pew Research estimates this to have declined from 81% to 52%.

Apple's full financial results are due out on Thursday and is expected to reveal record iPad sales. Read the full article from City A.M.