NEW YORK: Apple shares dropped more than four per cent on Wall Street on Tuesday after the California gadget-maker unveiled an updated version of the iPhone but not a new model many analysts had been expecting.
Apple shares were down 4.93 per cent at $356.14 shortly after the company took the wraps off the iPhone 4S at an event at its Cupertino, California, headquarters.
The more powerful iPhone features a speedier processor, a built-in “personal assistant” that responds to voice commands and a more powerful camera.
Many analysts and Apple fans had been expecting a next-generation iPhone 5.
The iPhone 4S will be available in the United States, Australia, Canada, France, Germany, Japan and Britain on October 14 with pre-orders commencing a week earlier.
In the United States, iPhone 4S prices will start at $199 for a 16-gigabyte model and top out at $399 for a model with 64 gigabytes of memory.