AFTER MONTHS OF waiting and speculation, Apple has finally revealed its iPhone 5.

This is the company’s fifth smartphone in five years and it was expected to have a large screen and include 4G wireless technology for the first time – two guesses which were correct.

The details were revealed at a press conference in San Francisco today which is still ongoing.

Here’s the latest on the phone:

• The Telegraph reports that Tim Cook was first on stage, and started off by talking about some retail changes. He also noted that 1 million people visit Apple stores every day, and there are 380 stores in 13 countries now.

• Phil Schiller took to the stage and showed off the phone, which the Telegraph says looks like the longer, thinner 4S seen in leaked photos.

• It’s 18 per cent thinner and 20 per cent lighter, has a 4-inch screen with 1136 x 640 resolution, and while iLife and iWork will have to be updated, old apps will have a black border at top and bottom to make up the space.

• The Wall Street Journal reports that they have updated every aspect of iPhone 5, and that the CPU will be twice as fast.

• Both the front and back cameras have been improved.

The A6 processor, meanwhile, is “twice as fast at crunching numbers and graphics”, says The Telegraph.

It will work with fourth-generation, or 4G, cellular networks, something Samsung’s Galaxy S III and many other iPhone rivals already do.

Apple Inc also plans to update its phone software and will ditch Google Inc’s mapping service for its own.

We’ll be updating more details as they emerge.

Poll: Do you have any interest in the iPhone 5?