The Cupertino tech giant firm Apple has finally unveiled its latest smartphone "iPhone 5" on Wednesday.

The new device was introduced in San Francisco media event showing off new design with taller screen display which was also thinner than its previous version iPhone 4s. It was the first time that iPhone has changed its display size since the first iPhone was introduced in 2007. (It always had 3.5inch display)

The iPhone 5 also has reduced its thickness to 7.6mm only weighing 112 grams. It's 20 percent lighter and 18 percent thinner than the iPhone 4S. Apple's Phil Schiller claimed that the iPhone 5 is the world's thinnest smartphone which is yet to be verified.

In terms of speed, the device is equipped with new A6 processor, which Apple says it boosts the CPU power by two times. The graphics are also twice as fast than than the previous phone.

The Apple's vice president of marketing Phil Schiller stated that starting price of the iPhone 5 will be same as previous phones, $199 with a two-year contract and 16GB. The new device will be available on three largest U.S. carriers: Verizon Wireless, AT&T Inc and Sprint.

The iPhone 5 will run on higher speed LTE networks as well along with improved 8 megapixel camera. LTE speeds of up to 100 megabytes per second, the fastest of the 4G network standards. Schiller also said the new phone will have a battery with eight hours of talk time and eight hours of web surfing time.

It also unveiled a new connector called the Lightning port which is smaller and shaped differently from the previous one.

Apple fans can start ordering the phones starting Friday and expect them to ship beginning on Sept. 21.

In the meantime, Piper Jaffray analyst Gene Munster has said that Apple can sell 10 million in the first week, and surpass 200 million by the end of 2013.