Apple launches new iPhone 4, with improved features, but no iPhone 5
Apple (NASDAQ:AAPL) Tuesday introduced a new model of the iPhone 4 with a faster processor, speech recognition and higher-resolution camera, but failed to unveil the much-hyped iPhone 5.
Apple shares were down over 2% on Tuesday, to trade at $367.10 as the announcement left investors unimpressed. RIM shares, meanwhile, were up 2.2% on the Nasdaq, to trade at $20.96 near market close.
The iPhone 4S's A5 chip will be seven times faster than the old processor, Apple said at an event at its headquarters in Cupertino, California. The new model will cost $199, $299 and $399, depending on features. The new model of the phone will be released October 14.
Steve Jobs, one of Apple's iconic founders and former CEO, did not appear at Tuesday's presentation, which was hosted by new CEO Tim Cook.
Apple's SVP of Worldwide Product Marketing, Philip Schiller, said: "While our competitors try to imitate iPhone with a checklist of features, only iPhone can deliver these breakthrough innovations that work seamlessly together."
The tech company also introduced iCloud, a set of free online storage services including iTunes in the Cloud, Photo Stream and Documents in the Cloud, that work with the iPhone, iPad, iPod touch, Mac or PC to automatically and wirelessly store content online and push it to devices.
Apple will also provide e-mail as part of the iCloud service, which goes live October 12.
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