iphone4s apple Tim Cook, Apple CEO, announces iPhone 4S; iPhone 5 hopefuls disappointedThe eagerly awaited iPhone 5 is…not out. Despite rampant speculation and consumer demand, Apple instead opted to unveil the iPhone 4S, an upgraded version of its iPhone 4 on Tuesday (Oct. 4).

While the phone will look the same as the iPhone 4, it will offer new features on the inside. Some of the more notable improvements include a faster processor, longer battery life and higher-quality camera that now tops out at 8 megapixels, comparable quality to the recently released MyTouch 4g Slide.

This news certainly comes as a disappointment to many who assumed Apple’s new CEO Tim Cook would introduce the much anticipated iPhone 5 just in time for the holidays.

The Twittersphere was littered with comments from potential buyers saddened by the news.

sentiment was echoed by many when he writes, “Little disappointed in iPhone event. Wanted a 5.”

The closest thing consumers will get is an operating system upgrade scheduled for an Oct. 12 release.

Apple’s iPhone has faced stiff competition in recent months from competing products, specifically those running on the Android platform. According to Comscore, Android has a significant lead over Apple’s iOS platform of nearly 15 percent of all Smartphone users.  

In mid-day trading, Apple stock is off nearly $13.81? at $360.79.

Posted by:David Eckstein