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Apple unveils new, faster iPhone 3GS
3:24 pm ET 06/08/2009- MarketWatch Databased News

SAN FRANCISCO (MarketWatch) - Apple Inc. announced a new version of its iPhone on Monday, as well as major software updates for the popular handheld device as well as its line of Mac computers.

The new iPhone was the highlight of Apple's annual gathering of developers in San Francisco, in which company also cut the price of its current iPhone 3G to $99 and debuted a revamped line of MacBook Pro notebook PCs. Also, Apple showcased major software updates that include new operating systems for both its computer line as well as existing iPhones.

Shares of Apple were trading down about 2.5% at $141 late Monday afternoon. The stock has surged by more than 60% over the last three months.

Apple dubbed its latest handheld as the iPhone 3GS, saying that the "S is for speed." Phil Schiller, Apple's senior vice president of worldwide product marketing, introduced the new iPhone, highlighting the device's new 3-megapixel camera, its capability to capture video and features such as new voice controls for making calls and playing music through the iPhone's iPod function.

The newest model of the iPhone - which Apple said runs twice as fast as the current model - will come in two versions, an 16-gigabyte device for $199 and a 32GB version for $299, and will be available on June 19.

Schiller said Apple would also cut the price of its iPhone 3G to $99 for an 8GB version of the smart phone.

Schiller ran the keynote address in place of CEO Steve Jobs, who remains on medical leave until the end of this month.

New capabilities

Scott Forstall, Apple's senior vice president of iPhone software, showed off some of the new functions of the new iPhone 3.0 operating system, including the capability to rent and purchase movies and videos from the iTunes Store.

The new operating system also incorporates technology for cutting, copying and pasting text and pictures across multiple applications on the iPhone.

Forstall said the new iPhone operating system - dubbed iPhone 3.0 - will be available worldwide on June 17 as a free download for iPhone users, and will cost $9.95 to download to the iPod touch.

In addition to the new line of iPhones, Apple showed how important notebooks have become to its overall Mac sales by updating its MacBook Pro notebook line.

Schiller also said Apple would add a new 13-inch model to its MacBook Pro laptops to go along with its current 15-and-17 inch models. The 13-inch MacBook Pro will start at $1,199, while the 15-inch version begins at $1,699 and the 17-inch model will come with an initial price tag of $2,499.

Apple has also increased the processor speeds, memory and storage levels of MacBooks and improved the laptops' battery life to last seven hours on a full charge.

Apple also showed off some of the capabilities of Snow Leopard, the next update to its Macintosh operating system. Apple said Snow Leopard will be available in September and users of Apple's current Leopard operating systems will be able to purchase an upgrade for $29, or a five-user family pack for $49.