By Adam Satariano - Sep 5, 2012 12:10 AM GMT+0400
Apple Inc. (AAPL) sent out invitations to a Sept. 12 product event in San Francisco, where the company is expected to unveil a redesigned iPhone.
“It’s almost here,” Cupertino, California-based Apple said in the invitation, whose image includes a ‘5’ in shadow, possibly in reference to the new product’s name. At the event, set for 10 a.m. at Yerba Buena Center for the Arts, Apple will introduce a new iPhone with a larger screen and thinner body, two people with knowledge of the plans said in July.
Apple Inc.'s iPhone 4S on display. Apple plan's to unveil the iPhone 5 on September 12, 2012. Photographer: Tomohiro Ohsumi/Bloomberg
The iPhone is Apple’s top-selling product, accounting for about 70 percent of its profits, according to Sanford C. Bernstein & Co. Release of the new model, which will work with speedier wireless networks, comes as Apple faces heightened competition from Samsung Electronics Co. (005930), which has become the world’s largest handset maker by releasing dozens of new devices a year, compared with Apple’s single new iPhone release.
If the device goes on sale on Sept. 21, Apple could sell as many as 10 million new iPhones in the final week of September, according to Gene Munster, an analyst at Piper Jaffray Cos.
The success of the iPhone has helped Apple become the world’s most valuable company by market value. The company’s shares rose 1.5 percent to $674.97 at the close in New York. The shares have risen more than sevenfold since Apple co-founder Steve Jobs introduced the device in January 2007.
To contact the reporter on this story: Adam Satariano in San Francisco at asatariano1@bloomberg.net
To contact the editor responsible for this story: Lisa Rapaport at lrapaport1@bloomberg.net
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