Stock making Headlines: Apple (NASDAQ AAPL) Willing to Replace iPhone 5 Batteries

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On Friday, Apple Inc (NASDAQ AAPL) announced a free battery replacement program for iPhone 5. The tech giant said it would replace the batteries of select iPhone 5 units, free of charge. The move came after many iPhone 5 users began experiencing shorter battery life. Apple discovered that the units sold between September 2012 and January 2013 had faulty components. The device was launched in September 2012.

The iPhone 5 was also affected by faulty power button in April this year. The Cupertino giant noted on its support website that the affected iPhone 5 devices fall within a limited serial number range. A “very small percentage” of units were affected. Go to this page to find out if your serial number belongs to the affected iPhone 5.

The replacement program is available through AppleCare, at Apple Retail Stores and Authorized Apple Service Providers. In case you are eligible for this replacement but you have already paid to get your battery fixed, you’ll get refunds.

Apple Inc (NASDAQ AAPL): iPhone 5 Batteries

But the company won’t repair other problems such as cracked screens under this program. That means you’ll have to shell out some money to fix these things before replacing the battery. The device must be in working condition to be eligible. The replacement process began on Friday, August 22 in the U.S. and China. Users in other countries will have to wait until August 29.

Though it doesn’t extend your smartphone’s warranty, Apple said the program will be available through March 1, 2015. Apple advised users to back up their smartphone data, erase all the data and turn off “Find My Phone.” You can erase the phone data by going to Settings menu, tapping on General > Reset > Erase all content and settings.

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Apple Inc financial news (NASDAQ AAPL)

Last year, Apple had offered a similar replacement program for affected iPhone 5S batteries. The iPhone 5 was also affected by faulty power button in April this year. The tech giant is expected to launch two new models of the iPhone 6 next month. Apple shares jumped 0.74% to $101.32 on Friday closing.

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