Apple has launched its most important product since the death of co-founder Steve Jobs with the unveiling of a thinner, faster, lighter iPhone that the tech group hopes will trigger a new wave of sales as demand for its predecessor flags. The iPhone 5 trades heavily on Apple's powerhouse branding and customer loyalty to its App Store and iTunes services, while its availability in more than 100 countries before the end of the year is likely to guarantee a blockbuster final quarter's sales. The hardware specifications of the iPhone 5 are largely in line with what industry experts had expected, and match, rather than exceed, those offered by rivals such as Samsung's Galaxy SIII, which runs Google's Android software. He highlighted improvements to its software and the way the iPhone works with other products and services, including an improved iTunes and iPod line-up. What places Apple way out in front of the competition is how they work so well together. Only Apple could create such amazing software, hardware and services and bring them all together into such a powerful yet integrated solution," Mr Cook said. Almost a year after the death of Mr Jobs, Mr Cook said Apple's employees "are doing the best work of their lives." But analysts said Apple had not succeeded in providing the "one more thing" that some had hoped for. "The surprise was that there was no surprise," said Adam Leach, analyst at Ovum. It is an incremental product upgrade, which is showing how mature the product is. But the iPhone 4 will now be free with 8GB storage and the iPhone 4S will cost $99. The new device goes on sale in main markets on September 21. "We've improved everything in the iPhone 5," said Phill Schiller Apple's head of marketing, as he unveiled the device. In the minutes after the launch, Apple shares fluctuated as much as $7 dollars - rising to as much as $664 before falling back to below the $660 opening price. But Apple shares rallied in the late afternoon and finished 1.4 per cent better to $669.79. The device bears some physical resemblance to the iPhone 4S, with its flat glass, minimalist face and rounded corners, but also offers an improved processor and LTE wireless technology, which is faster than some fixed-line broadband connections. "It's easy to make a phone that's bigger, everyone does that," said Mr Schiller, in a swipe at larger-screened rivals from Samsung and Google's Motorola.