It took the firm seven months to produce 100 million units.
Apple has confirmed the recently rumored 128 GB model of the fourth-generation iPad with prices starting at $799.
The 128 gigabyte WiFi iPad will cost $799, while a cellular version will retail for $929. Both variants of the fourth-generation iPad are scheduled for a launch on February 5 in black and white. It'll be available through Apple's online store, its retail stores and selected resellers.
The 128 GB iPad sports all of the same features offered by the 16, 32 and 64 GB models including a 9.7-inch Retina display, a FaceTime HD camera and an A6X processor.
"With more than 120 million iPads sold, it’s clear that customers around the world love their iPads, and everyday they are finding more great reasons to work, learn and play on their iPads rather than their old PCs," said Philip Schiller, Apple’s senior vice president of Worldwide Marketing.
"With twice the storage capacity and an unparalleled selection of over 300,000 native iPad apps, enterprises, educators and artists have even more reasons to use iPad for all their business and personal needs."