Apple has just concluded its Infinite Loop event, which unveiled a number of new products for the year. One of most awaited devices at the event was the iPhone SE.

With the launch of the iPhone SE, the Cupertino-based company confirmed that an iPhone with 4-inch display would be added to the iPhone lineup. Previously rumored to be a smaller handset with specs similar to the iPhone 5, the new flagship has specs similar to those of the current-gen iPhone 6s.

Under the hood, the new iPhone SE carries the same A9 chipset featured in the current iPhone flagship. In addition, the smaller iPhone features the 12MP iSight camera found on the iPhone 6s. However, although the current trend among major smartphone flagships is to come out with a larger variant, Apple opted to go the other way around – refreshing its iPhone lineup with a smaller display.

First impressions of the iPhone SE are favorable. According to Wired, Apple's decision to go back to a 4-inch design is a good one as the new iPhone SE "just feels right in the hand."

Meanwhile, another notable fact is that the phone is under $500, a first for the Cupertino-based company. USA Today said the new iPhone SE has the lowest ever price tag posted by Apple for its iPhone range, and its $399 price tag, as well as its return to the 4-incher market, are symbolic of Apple wanting to adapt more and more to suit customers.

The new iPhone SE and the other new products that launched at the Infinite Loop event will go on pre-order on March 24 and ship out on March 31 in select markets.