Tech Companies News Byte: Citymaps Aims to Make Maps Social

Wochit 1:10 mins

Maps are where it's at. Just ask Google, which bought maps app Waze for more than $1 billion, or Apple, which snapped up two small mapping startups earlier this month. Tim Cook, Apple?s chief executive, again teased tech blogs about new Apple gadgetry. ?We are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014,? Mr. Cook said at the company?s earnings call. What could these elusive ?new products? be? Despite the months of speculation that the future of Apple hinges on a rumored "cheap iPhone," it turns out this magic device already exists: when given the option to buy the brand newest, fastest, sleekest version of the iPhone, a lot of people choose a cheaper, totally decent version instead. During this week's earnings report, Apple posted better-than-expected phone sales not because of the fancy newish iPhone 5, but because of the iPhone 4 ? the cheapest and worst performing of the three Apple phones for sale these days.

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