Apple (NASDAQ: AAPL) Releases New iPhone 3GS on Friday, Awaits Steve Jobs Return

Apple Inc. (NASDAQ: AAPL) will release the newer version of its iPhone on Friday as the company awaits the return of its CEO Steve Jobs.

The iPhone 3GS, an upgraded and less expensive version of its current iPhone 3G, goes on sale Friday. Despite the normal stir that iPhone debuts cause, the company and its supporters are more worried about the return of Jobs, who has been on medical leave for six months.

Apple has yet to announce the exact date of when Jobs will return to his post as Chief Executive Officer. However, analysts believe that Jobs could soon shift to a new role to focus on big-picture issues and products, while Chief Operating Officer Tim Cook manages the day to day.

Apple stock has been up 60% this year, but Jobs’ return and subsequent role is expected to have a large effect on the company’s shares. If Jobs returns as CEO, analysts expect Apple stock to continue its positive rise. However, if his role is diminished, Apple shares are likely to drop.

Jobs, a pancreatic cancer survivor, took a leave from day-to-day duties in January, citing unspecified health issues. In his absence, Cook has overseen operations, although Apple said Jobs remains deeply involved in decision-making.

As far as Apple’s new iPhone, which is just as much in the news as Jobs, it will be available for sale on Friday in the U.S. and seven other countries.

The iPhone 3GS features a faster processor, video capability, an improved camera and better battery life than its predecessor, the iPhone 3G. The 3GS will compete with will compete with Research in Motion Ltd's BlackBerry and Palm Inc's Pre, which has seen strong early demand.

Analysts believe that the frenzy that the first iPhone release caused will not mirror this one as people are now just upgrading, not experiencing something new.

"From a hardware perspective, it's nothing earth-shattering, but from a user experience, it's going to be far superior to the current 3G because it's much faster," Broadpoint Amtech analyst Brian Marshall told Associated Press.

He expects Apple to sell some 5 million iPhones in the June quarter, up 32 percent from the previous period, and said exclusive carrier AT&T Inc could see 1 million activations of the 3GS by the end of the month.

Apple shares closed up 0.2 percent at $135.88 at the end of regular trading on Nasdaq on Thursday.

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