Apple (AAPL) said it plans to launch an updated version of its popular iPad, which will feature much larger storage capacity and a Retina display that sharpens its resolution.
Apple unveils 128GB Version of iPad 4.
The tech giant, whose stock has been pummeled recently, said the fourth-generation iPad would have 128 gigabytes (GB) of storage capacity -- twice the size of the current model -- plus Wi-Fi and Cellular versions.
With the new device, Apple effectively confirmed rumors that have circulated for months about a new iPad. The latest tablet will be available as of Feb. in Apple's retail stores, and comes three months after the company launched a mini version of the iPad.
Users will have to pay a pretty penny for the latest issue:the Wi-Fi model will cost $799, while the cellular model will cost $929.
Apple watchers, however, note that an upgraded fourth generation iPad - which first came to market last month - is a shot across the bow at traditional computer makers. Computer makers have seen a deep slump in PC sales as consumers flock to the relative convenience and portability of tablets. A larger iPad could target corporate PC users, as well as fill a niche among higher-end buyers always in search of the latest upgrade, regardless of price.
The iPad is one of Apple's most popular devices, with sales of about 120 million worldwide.