SAN FRANCISCO – Spring has arrived early for fans of Apple products.

Apple hosted its spring event Tuesday and announced an updated iPhone SE, a budget version of the tech giant’s popular smartphone. It starts at $429 and is available for preorder on Friday. The new phone launches March 18.

The new iPhone SE includes a 4.7-inch display and support for 5G. It will also use the same processing chip as the iPhone 13, launched last fall. The phone will come in three colors: midnight, starlight and red.

“iPhone SE has been an incredibly popular choice with our existing users and for new iPhone customers, thanks to its iconic design, exceptional performance, and affordable price,” Kaiann Drance, Apple’s vice president of worldwide iPhone product marketing, said in a statement.

As wireless companies continue the rollout of their 5G networks and begin shutting down access to 3G, Apple’s new phone could play a big role in 5G adoption, said Anisha Bhatia, senior technology analyst with research firm GlobalData.

“iPhone users lack any affordable 5G phones compared with the varied choices available for Android users, so a mid-range 5G iPhone will be a welcome boost for both operators and users,” Bhatia said.