Apple Launches New Low-Cost iPhone SE

The new phone will cost $399 and begins shipping on April 24.
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Apple  (AAPL) - Get Report announced on Wednesday a new low-cost iPhone SE that will succeed the entry-level iPhone that it first released in 2016.

The long-rumored new device starts at $399 and has a 4.7-inch Retina HD-display and Touch ID home button. Significantly, it will also feature an A13 bionic chipset, the same as found in Apple's latest flagship iPhone 11. Pre-orders begin on Friday, April 17 for initial arrival by April 24.

Wedbush analyst Dan Ives estimated in a note on Wednesday morning that Apple could ship between 20 million to 25 million of the new devices over the next six to nine months. Ives noted that this was a difficult time for Apple to launch a new smartphone given the coronavirus that has caused Apple to close its stores outside of China and cost millions their jobs. But Ives wrote that "Apple faced a tough decision to make and ultimately decided to release and green light this smart phone to the market in hopes of gaining contained success out of the gates."

Separately, Bloomberg reported earlier this week that Apple’s new flagship phones to be released later this year would sport designs similar to the company’s latest iPads

Apple shares were trading down 1.5% to $282.82 on Wednesday morning. 

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