Apple Inc. AAPL is reportedly launching a major update to its budget-friendly iPhone SE in the coming days.
What Happened: The announcement is expected as early as next week, with the device hitting the shelves later in February, reported Bloomberg, citing people with knowledge of the matter.
Unlike previous launches, Apple is not planning a formal event, opting for a website reveal instead.
What To Expect: The updated version will resemble the iPhone 14 and feature Apple Intelligence, Apple’s AI software. It will also feature a USB-C port, allowing it to return to the EU market. Moreover, it will include a larger screen, Face ID, and a faster A18 chip, replacing Qualcomm Inc.’s QCOM modem with Apple’s in-house version.
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Potential Price Hike: The current SE is priced at $429, significantly less than the $799 iPhone 16. With the new design and features, Apple might raise the price.
Why It Matters: Current iPhone SE models have seen dwindling inventory at Apple stores across the U.S., a typical sign of an impending refresh. Some configurations, such as the red version with 256GB storage, are not shipping until March, the report noted.
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Apple’s iPhone sales declined 1% during the holiday quarter, and the company is banking on the new SE to boost growth, especially in markets like China and India.
Last month, Apple reported fiscal first-quarter revenue of $124.3 billion, surpassing analyst estimates of $124.13 billion. iPhone revenue was $69.14 billion, slightly down from $69.7 billion last year.
Price Movement: Apple’s stock was largely unchanged in after-hours trading at $233.10. In regular trading, it closed at $233.22, rising 0.32%, per Benzinga Pro data.
Image Credits – Shutterstock
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