Apple unveils smaller, cheaper iPhone SE aimed at mid-market, in a bid to expand China and emerging markets. Bobbi Rebell reports.
Apple unveiled smaller and cheaper devices to try to bring in new buyers, especially in emerging markets and China. Apple's Tim Cook: (SOUNDBITE) TIM COOK, CEO, APPLE (ENGLISH) SAYING "Apple is the most loved smartphone in the world, and, today, we are welcoming a new member to the family." That is the expected four-inch Apple SE, which starts at $399, well below the $649 price point for the top model iPhone, which is beyond the reach for many potential customers. It's Apple's second attempt to go for the mid-tier market, after an unsuccessful foray three years ago with the iPhone 5c. Forrester's Frank Gillett: (SOUNDBITE) FRANK GILLETT, VP AND PRINCIPAL ANALYST, FORRESTER (ENGLISH) SAYING: "It's basically a copy paste of the guts of a 6s into a 5c with a rename. And to me, the really interesting news is that they have committed to keeping the small screen size, and they have dropped the price of the cheapest iPhone by more than ten percent." That is key because it makes it competitive with other mid-tier rivals, most running on Google's Android system. Apple also unveiled a new iPad Pro tablet at the event, along with new wristbands for the now lowered priced Apple Watch and other product updates. The news did not excite investors. Shares of Apple, already down about twenty percent from their all-time high, closed relatively flat.