Apple's iPhone 5 will cost the same as the iPhone4S: $199 for a 16-gigabyte version.Earlier today, Apple unveiled the iPhone 5. The highly anticipated addition to its smartphone line delivers much of what industry observers had expected. You can find full details of speeds and feeds for the iPhone 5 here.
Apple has also improved the device's battery life and updated both of its cameras, giving its front camera 720p HD video. The company also announced a smaller dock connector for the device and a new cable charger named Lightning that is 80% smaller than its predecessor.
Siri got a makeover as well, and can now tell users the scores of sports games and post status updates to Facebook.
The device will be available in black and white. It will be available for $199, $299 and $399 for 16GB, 32GB and 64GB models, respectively. Pre-orders begin Friday and the iPhone 5 will launch Sept. 21.
The company said iOS 6 will arrive as an update for many of its iOS devices Sept. 19.
The invitation-only Apple event, which began at 10 a.m. Pacific time, is still ongoing. Cook is expected to announce upgrades to other products, including the iPod, soon, so check back for updates.
The launch of a new iPhone will mean huge sales for the Cupertino, Calif., tech giant.
Since the original iPhone debuted in 2007, Apple has sold more than 244 million units and has been credited with upending the smartphone industry.
Sales of iPhones and related products and services accounted for 46% of Apple’s revenue in the most recent quarter and 58% in the previous quarter. In its last fiscal year, the company reported revenue of $47.1 billion from sales of iPhones and related product and services, an 87% increase over the year before.
Analysts estimate the iPhone has a gross margin of about 50%, making it an extremely profitable device for the world's most valuable company. Nearly two-thirds of Apple's profits come from the iPhone.
With sales of Apple's iPhone 4S and earlier models dropping off in recent months, analysts believe there is huge pent-up demand for the iPhone 5. Many have predicted that Apple could sell up to 10 million iPhones in the first 10 days, and up to 50 million in the holiday quarter.
The iPhone 5's dock connector has also been made smaller.
The smartphone will cost $299 for a 32GB version and $399 for a 64GB version, all with a two-year contract.
The products will become available for purchase on September 21 in the U.S., and by the end of the year they'll go on sale in 100 countries around the world, Apple's VP of marketing, Phil Schiller, said.
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