Jim Cramer Likes Apple's New iPhone

Katherine Ross

Apple launched a new iPhone, and it's a lower cost, too.

The new phone will cost around $400 and will begin shipping April 24

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 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. 

This was a difficult time for Apple to launch a new smartphone, noted Ives, given the coronavirus that has caused Apple to close its stores outside of China and cost millions their jobs.

 "Apple faced a tough decision to make and ultimately decided to release and green light this smartphone to the market in hopes of gaining contained success out of the gates," he wrote.

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