Apple's new chief executive Tim Cook, who replaced ailing founder Steve Jobs in August, presided over the launch of the iPhone 4S at Apple headquarters in Cupertino, California. Apple's new iPhone won't win any design awards. It looks exactly like the old one.

And reaction to its debut was mixed, in part because it wasn't the iPhone 5 that was widely anticipated. "LET'S TALK *NEW* IPHONE ALREADY!!!!!!!!" the Twitter celebrity @ijustine wrote during the company's much-hyped press conference, where it unveiled the iPhone 4S -- a phone that looks just like its predecessor, but is faster and has a better camera.

A quick primer on how iCloud works: you might have noticed that iOS devices top out at 64GB of storage space. Apple's stock price slid more than four percent at one point as it became clear the company was not going to wow the world with its latest product but recovered ground to end the trading day down 0.56 percent at $372.50.

There was disappointment in the world of technology with the latest iPhone model, the first major new product from Apple in months. The iPhone 4S will be available in the United States, Australia, Canada, France, Germany, Japan and Britain on October 14 with pre-orders commencing a week earlier. It will be rolled out by the end of October in 22 additional countries including Austria, Italy, Singapore, Spain, and Switzerland.

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