Lacking ap-peel New iPhone gets muted response
Apple took the wraps off a new iPhone yesterday, but may have left some fans wishing for more than an updated version of last year's smartphone.
Newly minted CEO Tim Cook helmed his first major product launch with aplomb.
The operations and supply-chain expert, not known for pitching products, stood in for ailing co-founder Steve Jobs, who did not show up as some expected he would.
The new iPhone is faster, souped-up and comes with voice recognition and and a better camera as expected, but did little to lift the bar for smartphones.
Investors and Apple fans, who were looking to be blown away by some amazing new surprise, sent the shares down as much as 3pc. "It's been 16 months and all you've got is an A5 processor in the existing iPhone 4," said BGC Partners' analyst Colin Gillis.
The latest iPhone comes at a critical juncture as Android phones by Samsung Electronics and other competitors close in on Apple's lead. Android phones dominate the US market three years after Google introduced the software.
Some shareholders and analysts were expecting a cameo appearance by Mr Jobs, now chairman.
The pancreatic cancer survivor, who handed the reins to Mr Cook in August after taking his third medical leave, has not yet appeared.
Apple launches are some of the hottest events on the tech calendar. Yesterday's 'Let's talk iPhone' show marked Mr Cook's unofficial debut since taking over from Mr Jobs in August.
Apple must sustain the popularity of its iPhone 4, which is more than a year old. Apple sold more than 20 million units in the third quarter, which ended June 25. (Reuters)