BREAKING NEWS

New Apple iPhone draws muted response, shares slide

By REUTERS

OCTOBER 4, 2011 20:51

CUPERTINO, Calif. - Apple Inc took the wraps off a new iPhone on Tuesday, but may have left some fans wishing for more than an updated version of last year's smartphone.

Newly minted CEO Tim Cook helmed his first major product launch with aplomb. The operations and supply-chain expert, not known for pitching products, stood in for ailing co-founder Steve Jobs, who did not show up as some expected he would.

The new iPhone is faster, souped-up and comes with voice recognition and and a better camera as expected, but did little to lift the bar for smartphones.

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