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Apple Market Value Plummets By A Whopping $113b After iPhone 12 Launch

Apple stocks took a tumble by as much as 4% on Tuesday after the tech giant unveiled four new models of the iPhone 12.

As the product reveal kickstarted at 4am Sydney time, Apple stock dropped to an intraday low of $US119.65 a share and $US81 billion ($AUD113b) was wiped from its market capitalisation.

Apple shares are currently sitting at $US121.10 as of midday Australia time, an overall 2.65% drop from the previous day but up about 67 % in the year to date.

 

The tech giant introduced four iPhone 12 models in the October 13 launch: iPhone 12, iPhone 12 mini, iPhone 12 Pro and iPhone 12 Pro Max.

CEO Tim Cook took viewers through a raft of updated specs and features for the new iPhone, including 5G support. But fans were unnerved by Apple’s landmark decision to not include earphones or a wall charger in the iPhone 12 box.

The iPhone 12 prices are $1,399 for the standard iPhone 12, $1199 for the mini, $1699 for the 12 Pro and $1849 for the 12 Pro Max.

According to the Australian Financial Review, market analysts expect the iPhone 12 models to drive a stronger-than-usual cycle of upgrades among Apple customers.

Apple also unveiled its $149 HomePod mini which is set to rival similar networked speaker products from the likes of Amazon and Google.

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