Shares of tech giant Apple fell after Apple executives, including CEO Tim Cook, unveiled a new line of phones and other devices.
The shares were down 1% to close at $ 148.12 in New York trading. According to data compiled by Bloomberg, Apple stock fell almost always when Apple introduced new iPhones. Excluding Apple’s 8.3% growth on the day Steve Jobs announced the first iPhone in 2007, Apple stock fell 0.8% on average on the day that new smartphones debuted. The iPhone accounted for nearly half of Apple’s revenue in the last fiscal quarter.
According to Bespoke Investment Group, this behavior of the stock is likely a result of investors getting used to Apple’s regular innovations, with many details being shared before the presentations.
Apple shares are on the rise for the third year, fueled by investor optimism about the company’s growth prospects. But the company’s stock was hit hard last week after a federal judge ordered Apple to change its App Store business model. The stock posted its biggest drop in four months after the ruling, and the company’s market value fell $ 85 billion. Analysts expect Apple shares to rise another 11% over the next 12 months from Monday’s close, according to data compiled by Bloomberg.
All smartphones received support for two eSIMs and a slot for nano-SIM. The cost of replacing the rear glass on iPhone 12 and iPhone 13 has been reduced from $ 99 to $ 29. The iPhone 13 Pro has a more powerful graphics processing unit than the iPhone 13. The cameras of the iPhone 13 Pro and Pro Max are exactly the same: smartphones differ only in screen size. In China, the top-of-the-line iPhone 13 Pro Max in China costs $ 2020 – double the Android flagship with 16GB of RAM and 1TB of flash storage. iPhone XR, iPhone 12 Pro and 12 Pro Max have left the market, other models have fallen in price.
The iPhone 13 will be available for pre-order this Friday starting at $ 699 for the iPhone 13 mini in the US.
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