The company will recall devices that were mostly sold in a four-month period between September 2014 and January 2015 after revealing that a small component in the phone could cause pictures to be blurry.
Apple will replace the affected phones free of charge if the camera takes blurry photos and falls into a particular serial number range.
The serial numbers of phones eligible for replacement can be checked at this website.
Apple's shares dipped below $100 in pre-market trading today, reaching its lowest point all year as the stock has declined about 19% over the past six months.
TheStreet has further coverage, including what Apple CEO Tim Cook told Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust, about the company's results in China, here.
TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."