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.
Investors and Apple fans, who were looking to be blown away by some amazing new surprise, sent the shares down as much as 3 percent. "It's been 16 months and all you've got is an A5 processor in the existing iPhone 4," said BGC Partners' analyst Colin Gillis.
Image: Apple CEO Tim Cook talks about the iPhone 4S during an announcement at Apple headquarters in Cupertino, Tuesday, October 4, 2011.