New Apple Inc CEO Tim Cook presided over the company's first major media launch since taking over from Steve Jobs in August, but the latest version of the iPhone he unveiled did not excite investors, sending its shares down 3.7 percent.
Jobs did not appear at the event.
The following are immediate comments from analysts, tech experts and fund managers.
MICHAEL WALKER, PORTFOLIO MANAGER, WP STEWART
It's in line with expectations but the stock's trading off. It's kind of funny -- if they have gone and called it the 5, the stock would have been fine, but they're calling it the 4S, which is a disappointment to some.
It's a faster chip. The form factor is the same as the prior one which might be a disappointment also to some people.
We're not disappointed at all. It's exactly as you'd expect, but next year they need to look more carefully at the prepaid market.
(When asked if surprised that Jobs did not make an appearance) No. they've been clear that Tim Cook would lead the way.
FRANK GILLETT, ANALYST, FORRESTER RESEARCH
Siri voice (recognition) is a very big deal. So is iCloud. They'll live for years.
FRANCIS SIDECO, WIRELESS ANALYST, IHS ISUPPLI
I like how they made a big deal of the new antennas, because of the history of the death grip on the initial iPhone 4. Switching between one radiating structure and the other will definitely help. Users should be able to get a pretty good signal at all times. They are finally using the potential of that kind of design.
We didn't think the new phone was going to have LTE. Apple doesn't do tech for tech's sake, only to enhance user experience. While LTE is gathering steam it's still too early from a chipset point of view and also from network deployment point of view.
Siri voice recognition is definitely going to be useful. Voice is one of the most intuitive user interfaces you can get. The real litmus test will be how it behaves in real life, recognizing real people's words. But the fact that it's there and Apple is launching it, you have to assume they have done a lot of work with usability.
COLIN GILLIS, ANALYST, BGC PARTNERS
It's been 16 months and all you've got is a A5 processor in the existing iPhone 4.
It's a mild disappointment, but they're still going to be selling millions of units.
There's plenty of significant improvements, the software, the A5 processor that's dual core.
There's a certain segment of consumer that's always going to be buying the latest device based on form factor to be seen to have the latest. This isn't going to satisfy these people.
(Reporting by Sinead Carew and Liana Baker in New York, Alistair Barr in San Francisco)