In its much-awaited iPhone event in Cupertino today, Apple announced that the company would be shipping its 700 millionth iOS mobile gadget by next month. The latest announcement of Apple was timely with the launch of the new iPhone models. Tech news site Techcrunch speculated that the iPhone launch would see that Apple experience a significant sales boost this quarter.

In a live blog hosted by financial information website MarketWatch, Apple launched the iPhone 5S and iPhone 5S with Apple CEO Tim Cook and Marketing chief Phil Schiller taking the stage. Interestingly, there were some speculations prior to the event that were debunked during the iPhone launch. 

Of iPhone 5C being a cheaper version of the iPhone, Marketwatch posted a blog entry and it wrote, "Video going through the 5C production process. Clear message intended: This is NOT a cheap iPhone." The model would be retailed at a starting price of USD99 with a two-year contract and for 16GB of storage. The model also comes in colors of blue, white, pink, yellow, and green casing made of hard-coated carbonite. On the other hand, iPhone 5S would be officially launched in gold. Both models would be powered on iOS7. The operating system would be launched on September 18.

The global smartphone market saw Apple trailing behind its competitors like Samsung. Apple iOS's rival, Android, marked its 900 millionth Android mobile gadget delivery this year.