SAN FRANCISCO—Apple Inc Monday unveiled a next-generation iPhone with faster Internet access that runs on advanced wireless networks, and cut the price of entry-level units by half.
But shares of Apple, which have gained about 50 percent in the last three months, fell nearly 4 percent as Chief Executive Steve Jobs confirmed the new iPhone's release.
"It's amazingly zippy," Jobs said, showing off the highly anticipated encore to the device that melds a mobile phone, iPod media player and Web browser, which will now come in black and white.
The new entry-level iPhone will cost $199 with 8 gigabytes of memory, compared with the $399 price of the older-generation phone with similar memory. A new device with twice the memory will cost $299 and go on sale in 22 countries on July 11.
The new iPhone will run on third-generation (3G) wireless networks and includes satellite navigation capability, Jobs told developers at a conference in San Francisco, about a year after the original iPhone went on sale.
Apple has sold 6 million iPhones, Jobs said, and analysts say the business could eventually match the size of its Macintosh computer or iPod media player businesses.
Apple shares were last trading at $178.79 on Nasdaq.
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