Apple unveils a faster, cheaper iPhone

Steven Jobs, chief executive of Apple, introduced a new cheaper iPhone model that connects to the Internet faster, expanded its distribution overseas and displayed a range of new applications and services in order to establish Apple as a major player in the cellphone industry.

Apple, the Cupertino, California, maker of consumer electronics and computer equipment, had set a goal of selling 10 million iPhones in 2008, which would establish it as one of the major smartphone makers in the less than two years since it began shipping the original iPhone. Apple has sold six million phones globally since its introduction.

Analysts said that Jobs, one of the world's best product marketers, had largely accomplished what he set out to do and they welcomed the moves he outlined in a presentation before software developers on Monday.More>>