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Fans let down over iPhone 5

The technology industry darling unveiled the iPhone 4S in a bullish presentation at its headquarters in Cupertino, California -- but failed to deliver on hopes that it would launch an iPhone 5.

Apple's share price fell 19.25 to $356.14 at one stage, having been up more than 1pc ahead of the launch, as new boss Tim Cook and other Apple executives unveiled a series of new tweaks to existing products.

The new phone boasts the same design as the iPhone 4, its predecessor. Phil Schiller, Apple's marketing chief, said of the lack of a design revamp: "Don't be deceived because inside it is all new."

Analysts at CCS Insight described the news as a "disappointing update other than aggressive price changes, leaving Apple exposed to rival products in mature markets. Will need iPhone 5 in early 2012 to remain competitive."

Colin Gillis, an analyst at BGC Partners, took a similar line. "It's been 16 months and all you've got is an A5 processor in the existing iPhone 4. It's a mild disappointment, but they're still going to be selling millions of units," he said.