Apple unveiled its new 7.9-inch tablet, the iPad mini, Tuesday morning, according to the Los Angeles Times.
Apple’s marketing chief, Phil Schiller, presented the product to attendees at the invitation-only press event in San Jose.
The announcement comes after months of speculation that Apple was creating a competitor to combat rival tablets, Amazon’s Kindle Fire HD and Google’s Nexus 7 tablet.
Aside from its more compact screen size, the iPad mini weighs .68 pounds and starts at a price point of $329 for its 16 GB Wi-Fi model. It will be released Nov. 2, followed by a $459 cellular version two weeks later.
Apple will start pre-orders for both tablets this Friday.
Following the announcement, Apple’s stock fell .75 percent and eventually closed at 3 percent; a drop of more than $20 a share. Analysts suspect the iPad mini’s price point, which is nearly $100 more than its top competitors, could be the impetus for the stock’s poor performance.