Apple on Wednesday announced a new version of the $400 iPhone SE, an update to the smaller, cheaper iPhone it released in 2016.

It comes with a 4.7-inch display, like the iPhone 8, and runs on the same processor as the iPhone 11 and 11 Pro.

Apple is making the phone available to preorder on Friday before it starts shipping on April 24.

The new iPhone SE will come in three colors and has a single-lens 12-megapixel camera.

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Apple on Wednesday announced the second-generation iPhone SE, a smaller and cheaper iPhone that has the same processing power as the $700 iPhone 11.

The iPhone SE starts at $400 and will be available to preorder on Friday before shipping on April 24.

It's a sequel to the original iPhone SE that Apple released in 2016 and will replace the $450 iPhone 8 in the company's lineup. Apple will also continue selling the iPhone XR alongside the new SE.

The new phone comes with a 4.7-inch display, just like the iPhone 8, and runs on the company's A13 Bionic processor, the same chip that powers the iPhone 11 and the 11 Pro. And like the iPhone 8 it resembles, the iPhone SE has a home button with Touch ID built in.

A slew of leaks had indicated a new iPhone SE was imminent. The most recent came on April 2, when 9to5Mac published a report detailing the phone's name and the colors it would be available in.

The announcement comes as the coronavirus pandemic has disrupted the supply chains and daily operations of Apple and other major tech companies. Some analysts have said Apple's expected 5G-enabled iPhones might be delayed.

Rival smartphone makers like Google and Samsung have also released compelling low-cost models. Samsung, for example, recently brought the $400 Galaxy A51, which offers a triple-lens camera and a borderless display, to the United States market, and Google's Pixel 3a was received well when it debuted at $400 last spring.

Here's a closer look at the iPhone SE.