Apple Announces New, Smaller iPhone, the iPhone SE

During an event this morning, Apple officially announced its newest iPhone, called the iPhone SE.

As expected, the device is smaller than its recent releases--it's a 4-inch phone that Apple says is the most powerful one ever. It offers the same CPU and GPU performance as the iPhone 6S, is capable of capturing 4K video, and features Touch ID and Apple Pay.

There are 16 GB and 64 GB variations of the phone, priced at $399 and $499, respectively. Orders begin March 24, with the phone launching on March 31.

Additionally, Apple announced that the new version of iOS, iOS 9.3, launches today, March 21.

We'll have more details as they're made available. Apple is also expected to announce a new version of the iPad today.