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Apple Unveils New iPhones, Shares Slump

Tickers in this article: AAPL

NEW YORK (TheStreet) - After weeks of speculation, Apple has unveiled its latest iPhone hardware, launching its new iPhone 5s and 5c offerings at the company's headquarters in Cupertino, Calif.

Apple's shares had run up in anticipation of the news, but, in keeping with the company's recent launches, sold off following the announcement. The tech giant's stock closed down 2.28% at $494.64.

Described as the "most forward thinking phone ever," by Phil Schiller, Apple's senior vice president of worldwide marketing, the 5s contains a new 64-bit A7 chip and M7 'motion coprocessor' which eases the burden on the A7 for better power efficiency.

Other features include an enhanced camera with a two-LED Flash to balance ambient light, and Touch ID fingerprint scanning technology. Touch ID can be used to unlock the phone and make purchases from iTunes, the App Store and the iBooks store.

Running the new iOS 7 operating system, the iPhone 5 offers improved multitasking, as well as enhanced Photos, iTunes, Safari, Siri and iTunes Radio, according to Apple.

Like its predecessor, the iPhone 5, the 5s comes with a 4-inch Retina display. Unlike the earlier version, which was available in black and slate, the 5S comes in gold, silver and space gray.

The iPhone 5s will be available in the U.S. on Sept. 20. The 16GB model is priced at $199, while the 32GB and 64 GB models are priced at $299 and $399, respectively.

Keen to tap new markets, Apple also launched the low-cost iPhone 5c at the event. Also running iOS 7, the 5C contains an A6 chip and comes in five colors - blue, green, pink, yellow and white. Unlike the 5s with its anodized aluminum body, however, the 5c is "beautifully, unapologetically, polycarbonate," according to Jony Ive, Apple's senior vice president of design.

Pricing for the 5c, which will be available in the U.S. on Sept. 20, starts at $99 for a 16 GB model. The 32 GB version is priced at $199.

Apple said that iOS 7 will be available as a free software update on Sept. 18 for iPhone 4 and later, iPad 2 and later, as well as the iPad mini and fifth-generation iPod touch.