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.