Apple Inc. (NASDAQ:AAPL), the world's largest technology company, reversed earlier gains as the iPhone 5S and iPhone 5C hit stores today in ten countries, including the U.S., China, the U.K., France and Germany.
The shares fell 0.6 percent to $469.83 at 3:50 p.m. in New York, after rising as much as 1.3 percent to $478.55 earlier in the session.
In Munich, Germany, about 2,000 people lined up and at the Louvre in Paris, France, about 300 people waited ahead of the 8 a.m. opening, Bloomberg News reported.
The iPhone 5s and 5c devices also go on sale today in Hong Kong and Singapore. It’s the first time Apple is rolling out its flagship product for sale in China on the same day as elsewhere, surrendering the usual three-month delay, as the company seeks to attract new customers in the world’s largest mobile-phone market.
The iPhone 5s features a better camera and faster processor. The big feature on this year's device is the fingerprint sensor, which lets users unlock their phone or make purchases by placing their fingerprint on the home button. The device costs $199 to $399 depending on the amount of memory and with a two-year wireless contract. Without a contract, the handset costs at least $649.
For the cheaper iPhone 5c, Apple took last year’s iPhone 5 and mostly repackaged it in a new plastic casing that’s offered in five different colors. It costs $99 to $199 with a two-year contract, or $549 without one.
Every iPhone release is critical for Apple because the product represents about half its revenue.
Apple has been encountering tough competition from Samsung Electronics Co. (KRX:005930) and Google Inc. (NASDAQ:GOOG). The shares hit an all-time high of $705.07 on Sept. 21, 2012. They have been mostly downhill since then as Apple's share of the global smartphone market continues to shrink, in part because of its emphasis on high-end models.
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