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iPhone SE Specs, Price, Release Date: New iPhone Is A Much Smaller And Cheaper iPhone 6S

On Monday, March 21, tech giant Apple unveiled its new signature iPhone, a downsized version of last year's iPhone 6S.

The company's move to come out with a cheaper 4-inch premium model that is basically the same as its previous offering comes from Apple's goal of appealing to first-time buyers and to those who find using the company's bigger-screen models cumbersome. At the company's Monday event, Apple executive Greg Joswiak said that it sold 30 million of its 4-inch iPhones in 2015 - proof that consumers do want smaller smartphones.

The iPhone SE, which combines the size of the iPhone 5 and the performance of the iPhone 6S, has what most smartphone users look for: speed, high quality graphics, a sharp camera, and the use of Siri. It is also being touted as the "most affordable" new signature smartphone Apple has offered. With a starting price of $399, it is almost half the price of its predecessor, the iPhone 6S Plus, which had a starting price of $750. It is also $50 cheaper than the model it replaces, the iPhone 5S, which was released in 2013.

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Aside from its smaller size and relatively affordable price, what makes the iPhone SE a tempting offer is what's under its hood. It runs on Apple's latest A9 processor, has the secure chip that enables the use of Apple Pay, and features an upgraded 12-megapixel camera that allows for low-light selfies and 4K video.

The iPhone SE will initially be sold in the United States, the United Kingdom, and Australia before it is rolled out to 100 other countries in late May. Those who want to get their hands on the new iPhone can pre-order it starting Thursday, March 24. It will begin shipping out a week later, on Thursday, March 31.

The 16GB iPhone SE is priced at $399 while the 64GB model is priced at $499. It comes free with a two-year carrier plan and at $17 per month on installment in the U.S.

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