Apple released an upgraded version of its iPhone 4 model – the iPhone 4S – during an event at the company’s Cupertino, Calif., headquarters hosted by CEO Tim Cook on Tuesday. Among other improvements, the upgrade includes a new A5 chip and improved download speeds of up to 14.4 megabits per second, which will dramatically improve upon the speed of the iPhone 4. Despite the unveiling, some Apple investors and observers were underwhelmed by the hotly anticipated launch, during which shares dropped 3 per cent. The launch comes at a critical juncture in the smartphone market. While Cook maintains that Apple controls 5 per cent of the market, companies like Google and Samsung are becoming increasingly competitive, although Canada’s Research In Motion continues to struggle. The iPhone 4S will be available in Canada on Oct. 14.