Soon after Apple unveiled its latest 5G lineup of iPhones, its stock fell by 4% on October 13, 2020.
Shares were traded at an intraday loss before the launch event of iPhone 12, but slipped further when the reveal began. With the stock’s intraday low of $119.65 per share, Apple had $81 billion erased from its market capitalisation. Apple traded at $121.97 per share as of 3:35 pm ET on Tuesday, up almost 67% year-to-date.
Apple revealed a list of four new models of iPhones. They will be available in various sizes — a 6.1-inch iPhone 12, 5.4-inch iPhone 12 Mini, a 6.1-inch iPhone 12 Pro, and a 6.7-inch iPhone Max. All of these phones support 5G. Durable screens and faster processors are some of the features that make this series unique.
These phones would also be the first to lack a power adapter. Apple said this was done to achieve a step further towards carbon neutrality.
The inclusion of 5G is a major step towards technological advancement since the release of iPhone 5. Analysts have high expectations for the new range of iPhones with 350 million iPhones eligible for an upgrade, this year alone.
The launch event was online and was recorded from the Apple Park. The company also revealed a new speaker called the HomePod mini, which is a more compact and less expensive substitute to its smart speaker. HomePod mini is scheduled to launch in November for $99 (INR 7257.71).
Due to the coronavirus pandemic, Apple might face unsatisfactory sales as the brand is mostly known for its in-store experience. “As the convergence of flu season with COVID and colder weather forcing everyone indoors, I think it’s going to be harder to sell iPhones this Christmas,” Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma told Reuters.