By Yasin Ebrahim
Investing.com – Apple Chief Executive Officer Tim Cook took center stage at a virtual product event Tuesday to unveil a slew of products including four new 5G-enabled iPhones.
Apple (NASDAQ:AAPL) was down about 3%.
The company debuted four new smartphones: iPhone 12, iPhone 12 mini, iPhone 12 Pro and iPhone 12 Pro Max. Prices range from $699 for the mini to $1,099 for the iPhone 12 Pro Max. The iPhone 12 and iPhone 12 Pro will be hitting stores on Oct. 23.
"While all four models will have 5G, A14 chip, ceramic shield, and MagSafe chargers (easier magnetic charging), from a spec perspective the Pro versions will have LIDAR sensor technology (for AR capabilities/ apps), enhanced rear camera technology, and 4x/5x optical zoo," Wedbush analyst Daniel Ives said.
Ives said the U.S. version of the phone, which would include mmWave technology "could be a game changer looking ahead as more infrastructure, technology, and apps are built around this transformational 5G highway over the coming years." The new slate of iPhones would translate into an "unprecedented upgrade cycle for Apple," Ives added, estimating 5G iPhone 12 shipments between 65 million to 75 million, with 350 million of 950 million users expected to upgrade.
Apple also unveiled other products including the HomePod Mini, a smart speaker, priced at $99, slated to be released on Nov. 6.