Apple (AAPL - Get Report)  debuted the next generation of its iPad lineup with the unveiling Monday of a new 10.5-inch iPad Air and a 7.9-inch iPad mini.

The new devices are compatible with the company's Apple Pencil. 

The new iPad air boosts performance by 70% over its predecessor and features double the graphics capability. The new iPad mini, meanwhile, performs three times faster than its predecessor and features graphics that are nine times faster. 

"The iPad continues to provide magical new experiences for a growing range of uses where it is the absolute best device, from playing games in augmented reality to note-taking and drawing with Apple Pencil, from streaming HD movies and editing 4K films to learning to develop apps with Swift Playgrounds," said Phil Schiller, Apple's senior vice president of worldwide marketing.

The new iPads will have access to more than a million apps designed specifically for the device.

"Today the iPad family takes two big leaps forward with an all-new 10.5-inch iPad Air that brings high-end size, features and performance at a breakthrough price, and a major upgrade to the 7.9-inch iPad mini, which also brings Apple Pencil, Retina display and the A12 Bionic chip to the many customers that love its compact size," Schiller said. 

Apple shares are rising 0.4% Monday. 

Apple is a holding in Jim Cramer's Action Alerts PLUS charitable trust

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