CUPERTINO, Calif., (Reuters) – Apple Inc’s newest iPhone left Wall Street and fans wishing for more than a souped-up version of last year’s device, igniting a rare storm of criticism and disappointment on the Internet.
Newly minted CEO Tim Cook ably helmed his first major product launch without former boss Steve Jobs, but failed to ignite the sort of excitement and buzz that the charismatic Apple co-founder once did.
Expectations were high at this critical juncture, when Android phones by Samsung Electronics and other rivals are closing in on Apple’s lead and the important holiday shopping season gets started.
Investors and fans, looking to be blown away by some amazing surprise, sent the shares down as much as 5 percent before they recovered with the market to close down 0.6 percent.
Cook, who took over from Jobs in August, and his executive team showed off a device that comes with voice recognition and a better camera, but looks identical to the last phone and does little to lift the bar for smartphones.
While the gadget wasn’t as tricked out as some had hoped, analysts liked its voice-enabling technology that helps users vocalize everything from stock price searches to sending messages — more easily than on Android phones or Research in Motion Blackberries.
“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. “It’s a mild disappointment, but they’re still going to be selling millions of units.”
