As Apple unveiled its latest series of iPhones, the Cupertino tech giant took a giant tumble on the market capitalisation.
Just as the iPhone 12 launch ended, Apple reportedly lost as much as 4% of its market value or about $81 billion on Tuesday in stock value, reports India.com.
The loss followed the reveal of its first ever 5G-enabled smartphone lineup by Apple. In addition to a total of four iPhone models namely iPhone 12, iPhone 12 Mini, iPhone 12 Pro and iPhone 12 Pro Max, the company also showcased a smaller version of its HomePod Mini home assistant.
Though the smartphones displayed some serious upgrades in certain aspects like photography, the reaction to the launch was lacklustre in most parts. Majority of this was based on the company's decision to not include chargers or wired headphones in the boxes of the new iPhones going forward.
A look at the market shows Apple's shares, which traded at an intraday loss before the event, dropped further once the launch event began at 1 p.m. ET. With the stock's intraday low reaching $119.65 per share, Apple saw a total of $81 billion fall in its market capitalization.
The drop was stark enough to judge the reaction of the market to the new range of iPhones. While it is expected that the new iPhone models will serve as a serious upgrade to the predecessors, both in terms of design and performance, it is true that people have been left wanting for more, or more importantly, bereft of the basic.
The company's respite might be found in the iPhone 12 Mini for the time to come, as the most-affordable iPhone in the new lineup is poised to appeal to a wider audience across Apple's international markets. Also, since the lineup includes 5G enabled smartphones, it will mark a timely entry for Apple into the 5G ecosystem that is up and coming in several countries across the world.