Apple sees $81 billion in market value erased as it unveils its first 5G iPhones
- Apple stock slid as much as 4% on Tuesday as the tech giant revealed its first slate of 5G-capable iPhones.
- The dive erased $81 billion from
Apple's market capitalization at intraday lows before shares pared some losses.
- Analysts have high expectations for the new phones, with roughly 350 million iPhones eligible for an upgrade this year.
- Watch Apple trade live here.
Apple tumbled as much as 4% on Tuesday as the company unveiled its latest iPhones.
The tech giant revealed its first 5G-capable lineup of phones spread across four new models. The
The company also revealed the HomePod mini, a smaller and less expensive alternative to its smart speaker. The new speaker launches in November for $99.Though much of the event brought highly anticipated additions to the new generation of iPhones, some elements of the launch may have rankled consumers. For one, the phones will be the first to lack wired earbuds and a power adapter in the box. Apple touted the items' exclusion as a major step toward reaching full carbon neutrality.
Analysts expect the new iPhones to drive a stronger-than-usual cycle of upgrades among Apple customers. The inclusion of 5G marks the first major step forward in iPhone's cellular technology since the iPhone 5 was released in 2013. The iPhone 12 also introduces the first major design overhaul for the handset since the iPhone X's 2017 release.Read more: MORGAN STANLEY: Buy these 44 cheap stocks poised to surge as the economy continues to recover and reopening expands. Read more: A fund manager beating 90% of his rivals told us why he actively avoids companies with giant profit margins — and shares 5 stocks he thinks will keep winning for years
Roughly 350 million of the 950 million iPhones around the world are eligible for an upgrade this year, Wedbush analyst Dan Ives said in a Tuesday note. Apple and Asian suppliers expect increased demand for the more expensive 6.7-inch model, setting the company up for a "once in a decade" launch, he added.
Apple traded at $121.97 per share as of 3:35 p.m. ET Tuesday, up roughly 67% year-to-date.Now read more
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