Apple Inc officially announced its much-anticipated next generation smartphone iPhone 5 at the Yerba Buena Center for Arts in San Francisco on Wednesday and it is Apple's thinnest and lightest ever iPhone.

CEO Tim Cook has been under pressure to introduce a new iPhone ever since he stepped into the shoes of the late co-founder Steve Jobs last year, as Apple Inc needs a gadget to remain as the world's most valuable company.

The new iPhone comes with iOS 6 with over 200 new features, a 4-inch Retina display, an Apple-designed A6 chip for blazing fast performance, ultrafast wireless technology and a better battery life.

According to Apple press release, iPhone 5 is "the thinnest and lightest iPhone ever, completely redesigned to feature a stunning new 4-inch Retina display; an Apple-designed A6 chip for blazing fast performance; and ultrafast wireless technology-all while delivering even better battery life."

iPhone 5 Keynotes:

Keynotes: Philip Schiller, Apple's senior vice president of Worldwide Marketing, said "iPhone 5 is the most beautiful consumer device that we've ever created."

"We've packed an amazing amount of innovation and advanced technology into a thin and light, jewel-like device with a stunning 4-inch Retina display, blazing fast A6 chip, ultrafast wireless, even longer battery life; and we think customers are going to love it," he added.

Click HERE for Apple's latest keynote presentation.

iPhone 5 Specifications:

  • iPhone 5 comes with iOS 6 with over 200 new features including new Maps app, turn-by-turn navigation, Facebook integration; Passbook organization; more Siri features
  • 4-inch Retina display
  • 7.6 mm anodized aluminum body, 18 percent thinner and 20 percent lighter than iPhone 4S
  • Apple-designed A6 chip
  • Ultrafast wireless standards including LTE and DC-HSDPA
  • Dual-band 802.11n Wi-Fi support for a wireless experience up to 150 Mbps
  • 8 megapixel iSight camera
  • FaceTime HD front facing camera for self portraits and recording 720p HD video
  • 8-pin dock connector called Lightning; 30-pin adapter available
  • Enhanced audio features including a new beam-forming; supports cellular wideband audio
  • Improved battery life