Apple (NASDAQ:AAPL) will release its much-anticipated iPhone 5 on October 4, according to an All Things Digital report today. The report, which cites unnamed sources close to the matter, said the new iPhone would go on sale “within a few weeks” of the announcement.
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Facing mounting competition from smartphones using Google’s (NASDAQ:GOOG) Android OS, Apple needs the new phone to be a success, especially after Steve Jobs stepped down as CEO last month, leaving many to question whether Apple would continue to be at the cutting edge of technological innovation. The announcement next month will be a test run for Apple’s new CEO, Tim Cook.
Rumors have also been swirling about a lower-end iPhone that could compete with cheaper Android models. While Apple has been successful with its iPhone 4, it continues to forfeit a large part of the market to its biggest competitor by having no lower-cost version of the smartphone. No news on whether we should expect such a new phone to be presented alongside the iPhone 5.
Apple’s stock continues to hit new 52-week highs. The iPhone 5 news will also having an impact on Research in Motion (NASDAQ:RIMM), Nokia (NYSE:NOK), Microsoft (NASDAQ:MSFT), Verizon (NYSE:VZ), AT&T (NYSE:T), and Sprint (NYSE:S).
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