As expected, Apple (AAPL) announced the 3G iPhone. As expected, Apple’s stock is selling off on the news.
One disappointing and unexpected piece of information is that the iPhone won’t be available until July 11, perhaps as a result of the production problems reported over the weekend. Apple is largely sold out of the previous iPhone, so this will likely create a month of dead sales. It will also frustrate those who have been waiting months for it.
On a positive note, the price cut (to $199) should rapidly accelerate unit sales. The “app” portion of today’s presentation illustrates that the iPhone is well on the way to becoming a popular development platform, and, for platforms, market share is far more important than profit per unit. For the long-term, therefore, today’s Apple news was good.
Business Insider Emails & Alerts
Site highlights each day to your inbox.