© Reuters. FILE PHOTO: The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in New York
By Stephen Nellis
(Reuters) – Apple Inc (O:) on Wednesday released a smaller iPhone priced at $399, cutting the starting price for the company’s smartphone line in a move to broaden its appeal to budget-conscious customers as the coronavirus hobbles the global economy.
The lower-cost model could also attract more consumers to Apple services, a growing driver of revenue. Shares of Apple fell 1.1%, less than the 2.8% decline of the S&P 500 index.
The iPhone SE, available April 24, is the second generation of a previous value model. It will start at $50 less than what was previously the cheapest iPhone available, the $449 iPhone 8, which will be retired. The SE comes with a 4.7-inch display and the same processor chip as Apple’s most advanced phone, the 11 Pro. The SE lacks 5G capability and…