Apple unveils two new iPhones, stocks fall
Published Sep 10, 2013 02:39PM ET
“iPhone 5s is the most forward-thinking smartphone in the world, delivering desktop class architecture in the palm of your hand,” Philip Schiller, Apple’s senior vice president of Worldwide Marketing, said in a statement.
“iPhone 5c is everything iPhone 5 was and more, in an all-new design packed with great features,” Schiller said separately. “iPhone 5c is designed with a beautiful polycarbonate enclosure that looks and feels so solid in your hand.”
The 5c will start at USD99 and come with a two-year contract, while the 5s, which will include fingerprint sensors for security purposes, will start at USD199 and run as high as USD399.
Apple stocks fell initially on the news, with APPL shares down 3.07% at USD490.65 earlier Tuesday.
Some expressed concerns that new products may eat into margins, which came at the stock's expense, though it later took back earlier losses as investors digested the news.
Still, other investors view the new products as necessary tools to help halt a 29% drop in the company's stock price since it hit a record high of USD702.10 last year.
Both models will be available in the U.S., Australia, Canada, China, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore and the U.K. on Friday, Sept. 20.
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