Apple’s new CEO Tim Cook took stage at Apple’s Cupertino headquarters today to reveal what the company hopes will be its next breakthrough: the iPhone 4S.

But immediate reactions from investors have deflated Apple's hopes. Shares in the company have fallen 3% on the back of the iPhone 4S announcement.

The new device features an A5 chip, making it more than two times faster than the iPhone 4, Apple said. The mobile also boasts dual-core graphics, said to improve on the previous iPhone several times over.

Apple has confirmed that the next generation smartphone features 1GB of RAM.

The new device comes off the back of a remarkable four-year period for Apple. The company today announced it has sold a quarter of a billion iPhones, iPods and iPads.

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iPhone 4S also features a new antenna system that allows it to switch between two antennas for better sound quality and download speeds. An 8 megapixel camera, which can take 3264×2448 images, will also be included.