Apple Inc on Wednesday released a budget mobile phone iPhone SE priced at $399, in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy.
The lower-cost model could also attract more consumers to Apple services, a growing driver of revenue. Shares of Apple fell 1.4%, less than the 2.8% decline of the S&P 500 index.
Apple will start taking orders for the phone on its website on Friday, with delivery of devices expected to start April 24.
Iphone SE comes with a 4.7-inch display and the same processor chip as Apple’s most advanced phone, the 11 Pro. The SE lacks Apple’s facial recognition system to unlock the device, instead relying on a fingerprint sensor similar to older models. While the new iPhone adds features such as wireless charging and a high-end camera, it lacks connectivity for 5G, the next generation of mobile data networks.