Update at 1:52 p.m. ET. Introducing iPad Mini:
Philip W. Schiller, the senior vice president of worldwide marketing at Apple, announced a new, smaller and cheaper version of its popular tablet, just minutes ago in San Jose, Calif.
"So, what can you do with an iPad mini that can't do with an iPad?" Schiller asked. "You can hold it in one hand."
The iPad mini is as thin as a pencil, weighs 0.68 pounds and has a 7.9 inch screen, Schiller said. The iPad has a 9.7 inch screen.