LIVE: iPhone Launch Event coverage

The first new product to be developed and introduced under Chief Executive Officer Tim Cook's reign is a wearable device tethered to the iPhone that will combine health and fitness tracking with communications.
               
Bernstein Research analyst Toni Sacconaghi estimated on Tuesday that if Apple were to sell 30 million watches at USD 250 each, it would add about USD 7.5 billion to its revenue.
               
Rival electronics giants such as Sony Corp, Samsung , LG Electronics Inc and Qualcomm Inc  have already launched smartwatches, albeit without much success.
               
The pressure had been on for the world's largest tech company to wow at its "special event" in Cupertino. The prospect of the Watch had attracted a broader swathe of attendees than usual, with celebrities, fashion industry editors and even healthcare executives rounding out the mostly tech-industry crowd.
               
On Tuesday, the company took the wraps off a larger, 4.7-inch iPhone 6 and 5.5-inch iPhone 6 Plus. They will support more than 200 telecoms carriers worldwide, including all three in China - a key growth market for the company.

It also introduced a new mobile payments service dubbed "Apple Pay." Each phone will come equipped with its new payments service, which launches in the United States next month and allows users to pay for items in stores with their phones instead of physically presenting their credit or debit cards.
               
In a rare move for the company, Apple had planned on livecasting its event online, with a simultaneous translation in Chinese. But the livestream went down for many users about a half-hour in, prompting many to take to Twitter to express their frustrations.

Here are some of the salient features of the Apple phones:

•Metal instead of OpenGL for gaming
•Graphics are an incredible, 84 times faster than the original iPhone
•Processor performance is 50 times faster than the original iPhone
•Next generation A8 chip, 2 billion transistors and 64-bit support
•Uses 20nm process, 25 percent faster CPU performance, 13 percent smaller chip than the previous A7
•The iPhone 6 will get 50 hours of audio playback, the plus gets 80
•Phone talk time is more in the 13 hour range
•Running at 60fps, 1.3 million polygons
•There's a new barometer sensor which measure air pressure - meaning it can actually measure how
•many stairs you climb by microscopic changes in pressure
•The M8 coprocessor continuously measures motion data from the accelerometer, gyroscope, and compass
•T-Mobile in US and EE in the UK, more will support over time
•Wi-Fi calling! Standard call made in same way, goes out over Wi-Fi, transitions onto cellular network seamlessly
•802.11ac Wi-Fi included, 3x faster than 802.11n. 433Mbps