There's a new iPhone in town.
On Monday Apple introduced the iPhone SE, which comes with a smaller 4-inch screen and a similar design to the two-year-old iPhone 5s.
Curious why Apple named it the iPhone "SE?" The name stands for "Special Edition," according to what Apple's head of marketing, Phil Schiller, told a Fortune reporter.
—Jason Cipriani (@MrCippy) March 21, 2016
The SE isn't actually that "special" of an iPhone.
It's intended for people who want the latest features of the flagship iPhone 6s — Apple Pay, Touch ID, 12 megapixel camera, etc. — in a smaller form factor. It's also the cheapest iPhone you can buy at a $399 starting price (without a contract).
The iPhone SE goes on sale March 24.
