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| JUNE 10, 2008 |
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We hope it's not rotten to the core....
Apple unveils faster cheaper iPhone
Apple unveils faster cheaper iPhone
AP Technology
The iPhone will soon be $200 cheaper and support
satellite navigation and faster Internet access, but higher
monthly service charges are likely to erase most of the
savings.
Apple Inc. revealed Monday that it has scrapped its
pricing plan for the iPhone as it unveiled a model that
works over faster wireless networks, addressing key
criticisms about the device that have hurt the company's
foray into the cell phone industry.
An 8-gigabyte version with the new features will go for
$199 when it goes on sale July 11, and a 16 gigabyte
model will cost $299, the Cupertino-based company said.
The iPhone will soon be $200 cheaper and support
satellite navigation and faster Internet access, but higher
monthly service charges are likely to erase most of the
savings.
Apple Inc. revealed Monday that it has scrapped its
pricing plan for the iPhone as it unveiled a model that
works over faster wireless networks, addressing key
criticisms about the device that have hurt the company's
foray into the cell phone industry.
An 8-gigabyte version with the new features will go for
$199 when it goes on sale July 11, and a 16 gigabyte
model will cost $299, the Cupertino-based company said.
Current iPhone owners who buy a new model and sign up for a new AT&T contract won't
have to pay any penalties to get out of their current contract, AT&T spokesman Michael Coe
said. And anyone who bought an iPhone in an AT&T store after May 26 can return it before
Aug. 1 for full credit against a new one — less a 10 percent restocking fee.
Apple plans to make up the difference in sales revenue with volume — and with subsidies
wireless carriers will now pay for the right to carry the gadget.
In changing the pricing arrangements, Apple is pulling out of revenue-sharing arrangements
with some wireless carriers, a move that frees the carriers to charge higher prices for the
service.
Apple shares fell $4.03, or 2.2 percent, to close Monday at $181.61 on the news, a sign that
some investors were hoping for more and others were taking their profits after a four-month
run-up in Apple's stock price, which leaped from $120 in March.
The new iPhones, initially to be introduced in 22 countries, are designed to work over so-
called 3G, or third-generation, wireless networks and have global-positioning technology
built in.
They will also support Microsoft Corp.'s Exchange software, an addition that puts the iPhone
in more direct competition with Research in Motion Ltd.'s BlackBerry and Palm Inc.'s Treo
smart phones and is intended to appeal to the business market.
Analysts have said Apple needed to slash the iPhone's price and make it usable on faster
networks to hit the company's target of selling 10 million iPhones by the end of 2008. Apple
said the 3G iPhones download data twice as fast the older ones. [read more]
have to pay any penalties to get out of their current contract, AT&T spokesman Michael Coe
said. And anyone who bought an iPhone in an AT&T store after May 26 can return it before
Aug. 1 for full credit against a new one — less a 10 percent restocking fee.
Apple plans to make up the difference in sales revenue with volume — and with subsidies
wireless carriers will now pay for the right to carry the gadget.
In changing the pricing arrangements, Apple is pulling out of revenue-sharing arrangements
with some wireless carriers, a move that frees the carriers to charge higher prices for the
service.
Apple shares fell $4.03, or 2.2 percent, to close Monday at $181.61 on the news, a sign that
some investors were hoping for more and others were taking their profits after a four-month
run-up in Apple's stock price, which leaped from $120 in March.
The new iPhones, initially to be introduced in 22 countries, are designed to work over so-
called 3G, or third-generation, wireless networks and have global-positioning technology
built in.
They will also support Microsoft Corp.'s Exchange software, an addition that puts the iPhone
in more direct competition with Research in Motion Ltd.'s BlackBerry and Palm Inc.'s Treo
smart phones and is intended to appeal to the business market.
Analysts have said Apple needed to slash the iPhone's price and make it usable on faster
networks to hit the company's target of selling 10 million iPhones by the end of 2008. Apple
said the 3G iPhones download data twice as fast the older ones. [read more]