Apple Announces New iPad With More Storage

Javier E. David | Special to CNBC.com
Tuesday, 29 Jan 2013 | 11:17 AM ET
The new iPad is displayed during an Apple product launch event at Yerba Buena Center for the Arts on March 7, 2012 in San Francisco, California.
Getty Images
The new iPad is displayed during an Apple product launch event at Yerba Buena Center for the Arts on March 7, 2012 in San Francisco, California.

Apple said on Tuesday 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.

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 February in Apple's retail stores, and comes three months after the company launched a mini version of the iPad.

Apple Announces Launch of 4th Gen. iPad
CNBC's Jon Fortt reports Apple's 4th-generation iPad will allow for 128GB storage capacity. The price will be $799. Will that increased storage drive more users toward Apple products?

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 fall — 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.

Still, the company is being dogged by doubts about its ability to invent new products, rather than upgrading its existing lines of gadgets. Analysts have begun to question whether Apple still possesses its a "cool" factor that has made its smartphones and tablets a must-have for technology users everywhere.

(Read More: In Asia's Trend-Setting Cities, iPhone Fatigue Sets In )

The announcement also came just one day before Research in Motion is scheduled to lift the curtain on a new BlackBerry it hopes will revive its flagging fortunes. It led to some speculation that Apple's iPad announcement may, at a marginal level, been an attempt to one-up RIM just before its big reveal.

"It makes sense that Apple would want to come in an pick upon a bit of that news bandwidth," said Dan Ackerman, CNET.com's Senior Editor, on CNBC Tuesday. (Read more: Sink or Swim Time for RIM as BlackBerry 10 Launch Looms.)

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  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.