Apple shares dropped more than four per cent on Wall Street on Tuesday as the California gadget-maker unveiled an updated version of the iPhone but not a new model many had been expecting.
Apple's new chief executive Tim Cook, who replaced ailing founder Steve Jobs in August, presided over the launch of the iPhone 4S at Apple headquarters in Cupertino, California.
The iPhone 4S features a speedier processor, a built-in "personal assistant" that responds to voice commands and a more powerful camera, but it was not the revamped next-generation iPhone 5 smartphone many Apple fans had hoped for.
The iPhone 4S will be available in the United States, Australia, Canada, France, Germany, Japan and Britain on October 14 with pre-orders commencing a week earlier.
A slick new version of the iOS mobile operating system was shown off at the press event in an intimate theatre at Apple's Silicon Valley campus.
Apple also announced the October 12 launch of long-promised iCloud, which lets people store music, pictures, videos and other digital files online and access the content across Apple computers and mobile devices.
"IPhone 4S plus iOS 5 plus iCloud is a breakthrough combination that makes the iPhone 4S the best iPhone ever," said Apple senior vice president of worldwide marketing Philip Schiller.
"While our competitors try to imitate iPhone with a checklist of features, only iPhone can deliver these breakthrough innovations that work seamlessly together," he said.
The iPhone 4S will be rolled out by the end of October in 22 additional countries including Austria, Italy, Singapore, Spain, and Switzerland.
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