UPDATE 7-Apple unveils iPhone 7 but some still waiting for iPhone 8

Wed Sep 7, 2016 5:45pm EDT
 
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(Adds details on new products, comments and context)

By Julia Love and Alexandria Sage

SAN FRANCISCO, Sept 7 (Reuters) - Apple Inc unveiled an iPhone 7 with high-resolution cameras and no headphone jack at its annual launch event Wednesday, though the biggest surprise was the debut of a three-decade-old Nintendo game franchise, Super Mario Bros, on the smartphone.

While shares of Apple barely budged, Nintendo's U.S.-listed shares jumped 29 pct on investors' hopes that Super Mario would be another mobile gaming hit for the Japanese company akin to the wildly popular Pokemon Go.

Much of the presentation headed by Chief Executive Officer Tim Cook was devoted to technical details of photography, wireless earphones, games from Nintendo, and a new version of Apple watch - with fitness features.

The biggest iPhone technical improvements all had leaked, and Apple itself spoiled the surprise by sending out tweets of some details before Cook spoke. The company then deleted the messages.

Apple has reported declines in iPhone sales for the last two quarters, which raised the stakes for the iPhone 7. Some consumers and analysts are considering waiting until 2017.

"Just gonna wait on iPhone 8 cuz it's the 10th anniversary of iPhone," Tweeted @LewBruh near the end of the event. "Ya know they gonna do something big."

But Mike Binger, senior portfolio manager at Gradient Investments LLC in Minneapolis, said the new phone encouraged him that Apple was in good shape for a new sales cycle.   Continued...