Apple unveils iPad Mini for $329

Proving the rumors true, Apple unveiled an iPad Mini on Tuesday that, while smaller than the original, is still a bit larger and more expensive than its key competitors in the tablet computer market.

Apple's Mini retails for $329 to start - considerably more than the Google Nexus 7, which starts at $199 - and its 7.9 inch screen is slightly larger than the 7-inch screens of the Nexus, Amazon's Kindle Fire ($159) and Samsung's upcoming Galaxy Note2 ($299 with two-year contract from AT&T).

Phil Schiller, Apple's vice president of international marketing, who unveiled the device during a media event in San Jose, touted the Mini as more than just a smaller version of the 9.7-inch original. "This isn't just a shrunken-down iPad."

Nonetheless, the iPad Mini runs on an A5 dual core processor and has a 1024-by-768 screen resolution like the iPad 2; it has a 1.2-megapixel camera like the new iPad with retina display. The swiping motion, organization of apps and feel are the same as well.

The new tablet is thinner at 7.2 millimeters, weighs 0.68 pounds, about half of the weight of the iPad, and has a battery life of 10 hours. Apple said it will start taking orders for the iPad Mini on Friday, and the Wi-Fi models will start shipping Nov. 2.

With the launch of the Mini, Apple CEO Tim Cook is seeking to widen Apple's lead in the tablet market, which NPD DisplaySearch predicts will more than double to $162 billion in the next five years. By broadening the iPad lineup, Apple aims to add to its 70 percent market share just as Microsoft introduces its own device, and Google and Amazon upgrade their own handheld lines.

"Competitors are probably breathing a sigh of relief with $329," Chris Jones, an analyst at Canalys, said of Apple's iPad Mini price. "They are still going to sell a ton."

While a lower price would have crushed competitors, it also would have harmed Apple's industry-leading profit margins, he said.

"That would have impacted their margins so they had to strike a balance," Jones said. "The competitors with $199 prices may still find their place in the market."

Apple has sold more than 100 million iPads since co-founder Steve Jobs introduced the device in January 2010, creating a market among consumers, businesses and schools. By adding another model at a different price, Apple is mimicking the multi-gadget strategy it used to make the iPod the top-selling media player.

Despite listing impressive but unsourced statistics - Cook said iPads account for 91 percent of tablet Web traffic - Apple seemed to tacitly acknowledge that Google's tablet was a legitimate competitor. Schiller made numerous comparisons between the two devices, noting the iPad has a bigger and better screen (though the device is bigger altogether).

While the iPad Mini was the unquestioned star of the show Tuesday, it wasn't the only new gadget Apple unveiled. Schiller announced a 13-inch Macbook Pro with high-resolution display that weighs less than 3.5 pounds; an iMac that is 80 percent thinner and 8 pounds lighter that retails for $1,299; and an updated version of the current iPad, giving it a faster chip.

Apple shares fell nearly $21, or 3.3 percent, to close at $613 Tuesday after the announcement, largely due to analyst concerns over pricing of the Mini. The stock is down 13 percent from the all-time high of $705 on Sept. 21.

Source: http://feeds.sfgate.com/click.phdo?i=b409bcd35db778f721070cc79eba8ae8

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