Apple looks set to unveil a new iPhone today after a 15-month hiatus, hoping to fend off rivals running Google's Android and safeguard its lead with the fifth incarnation of the device.
Newly appointed chief executive Tim Cook will do the honours this time from Apple's headquarters, running the first major product launch in years without Steve Jobs.
The iPhone 5 - expected to be faster, thinner and with a larger screen - is expected to arrive just in time for the holiday shopping season. It is also expected sustain Apple's smartphone momentum and help ward off the challenge from Samsung Electronics.
Apple launches are among the hottest events on the tech calendar, scrutinized by fans, investors, the media and industry insiders alike. Today's show will also mark Mr Cook's unofficial debut since taking over from Mr Jobs in August.
Some shareholders and analysts expect a cameo appearance by Mr Jobs, now chairman.
With the launch of the new phone, Apple faces the challenge of surpassing the popularity of its current iPhone 4, a 15-month-old model and bona fide hit with more than 20 million sold in the third quarter ended June 25th.
Some on Wall Street also expect the company to unveil a cheaper model, tailor-made for the fast-growing Asian market, one of the few area where Apple can accelerate its growth.
"We expect improved processing power and camera capabilities, with a potential bump in RAM, though that may not be needed with iCloud," said William Power, analyst with Baird Equity Research.
"Various sources have suggested that Apple will debut more robust voice control functionality," he added.
The new iPhone is also expected to come loaded with the updated iOS5 software that Apple unveiled in June. Some of the new features include improved notification functions and better Twitter integration.
The iPhone - still the gold standard in the smartphone market - has been a huge success since it debuted in 2007, transforming it into one of the world's leading consumer electronics powerhouses.
But it faces stiff competition from phones based on Google's Android operating system, which led the US market with a 43 per cent share, Nielsen data show. The iPhone was number two with 28 per cent.
Globally, according to IHS iSuppli, iPhone shipments climbed 9.1 per cent in the second quarter while Nokia's plummeted more than 30 per cent, handing the top spot to Apple with a market share of 18.4 per cent. Samsung, whose shipments grew even faster, is coming on strong with a global market share of 17.8 per cent.
Reuters
