Reporting from Cupertino and San Francisco—

Apple began its newborn epoch with a creation different anything it had produced in years: disappointment.

Instead of a field newborn product, the electronics giant undraped an updated edition of the iPhone 4 that it liberated 16 months ago. Even the name, iPhone 4S, resembled the older phone.

Most observers had due that in its prototypal unveiling without its co-founder Steve Jobs, Apple would essay to exhibit it was still confident of wowing crowds with stunning newborn devices.

PHOTOS: The unveiling of the iPhone 4S

Immediately after the consort showed soured its updated smartphone, shares of Apple hit plunged nearly 5%. Though they mostly recovered by the instance the mart closed, investors united that Tuesday's unveiling was not Apple's prizewinning performance.

"It's category of black timing that the prototypal post-Jobs creation is not the most elating in the world," said Alex Spektor, a wireless shrink at Strategy Analytics, who titled the newborn sound an "incremental" transformation over the iPhone 4. By choosing not to call the figure the iPhone 5, he said, "Apple is admitting that it's essentially the aforementioned sound but with whatever souped-up specifications."

Unlike Jobs, who tended to meet on the initiate for most of a creation unveiling, Apple's newborn honcho chief Tim Cook crosspiece for exclusive a diminutive conception of the nearly two-hour presentation. The Muskogean autochthonous crosspiece most Apple's music, retail and machine playing — pausing to jape most all the sound over the newborn iPhone — but permit his lieutenants inform the newborn figure and whatever of its features.

Without Jobs and his stylemark knowledge to build fervour around a newborn product, whatever observers modify the show was absent whatever of Apple's pizazz. Some modify it modify dragged on a taste likewise long.

"This was not a bag separate for Tim Cook," said Colin Gillis, an shrink with BGC Partners. "It was adequate. All he crapper do is be his possess mortal — he'll intend more chances."

The consort also seemed to spoil consumers who were expecting Apple to foretell that the iPhone would be acquirable to customers at wireless providers likewise AT&T and Verizon Wireless.

After the event, Apple's website traded Sprint among the carriers that would delude the phones in the U.S. The traveler is traded on a Web tender scrutiny iPhone models.

Apple did not convey requests for comment, but a Sprint spokeswoman addicted in an telecommunicate that the traveler would tie AT&T and Verizon in commerce the newborn sound along with the $99 iPhone 4. The iPhone 3GS, however, will exclusive be acquirable from AT&T.

Still, whatever analysts modify that the start — if not shocking — was a sharp playing advise by Apple, which is locked in an pure effort with competition smartphone makers, mainly companies same Samsung Electronics Co. and HTC that attain Google Inc.-powered Android phones, whatever at baritone prices.

By substance its possess program of lower-cost phones, Apple is aiming at the symptom portion of smartphone consumers in fast-growing markets in aggregation and South America, where whatever first-time buyers can't provide the higher-end phones.

"They are substantial the increment obligation of the market," said physicist Golvin, an shrink with Forrester Research. "It's a beatific strategy on Apple's part."

The iPhone 4S will go on understanding New this period play at $199 with a two-year contract. It has a faster machine processor and a higher-quality interior camera, but is mostly a program of small upgrades to the iPhone 4, which has embellish the company's best-selling product. Apple also down the toll on the existing iPhone 4, and will provide the early iPhone 3GS to wireless customers liberated of charge.

Perhaps the closest abstract the consort came to a "wow"-inducing newborn feature was the launching of a voice-activated digital "personal assistant." Called Siri, the feature takes vocalise commands from the individual — "Help me encounter a beatific Hellenic edifice nearby," "Do I requirement a coat today?" or "Schedule me for a hour meal with Jane" — and dutifully performs the duty and reports backwards in a processed someone voice.

Siri, who when asked, "Who are you?" responds, "I am a crushed individualized assistant," drew commendation from the audience.

"It's a indication of rattling momentous modify in cost of how grouping interact with and curb their devices," Golvin said.

One of the day's secondary flourishes was Apple's declaration of its newborn "Cards" application, which lets iPhone users place photos they hit condemned into flamboyant printed acknowledgement cards. The communicator crapper add a individualized communication and Apple will indicant and accumulation the card, modify arousal the communicator by book communication when it arrives.

The programme of Apple's easy-to-use move to acknowledgement game directly dispatched the stocks of bill companies moving — shares of American Greetings Corp. dropped more than 6%, and the Web-based bill concern Shutterfly forfeited nearly 11% before production a New comeback.

But whatever observers saw a gleaming lateral for added harassed company.

"I conceive Apple is disagreeable to recognizance discover the U.S. Postal Service," joked Twitter individual Ariel Waldman.

PHOTOS: The unveiling of the iPhone 4S

david.sarno@latimes.com

jessica.guynn@latimes.com

Times body illustrator Nathan Olivarez-Giles contributed to this report.