On Tuesday, American tech company Apple Inc (NASDAQ:AAPL) finally unveiled their much-awaited tenth anniversary iPhone in line with the device’s tenth year.
The event which was held at the brand new Steve Jobs Theater at the company’s recently opened Apple Park facility in California, which was also revealed to the public for the first time also revealed other new products and updates.
Apple introduced three new iPhone units during the event namely the iPhone 8, iPhone 8 Plus, and the iPhone X, which happens to be the premium device. While the iPhone 8 and 8 Plus will be released starting September 15 in selected countries all over the world at a starting price of $699 and $799 respectively for the 64GB storage and is expected to be made available in stores starting this September 22.
However, shares of the company slid on Tuesday after the company announced that the iPhone X would be released officially later this year at around November. Apple shares were down by around $160.20 during the afternoon trading following the end of the event around past two pm. Apple shares recorded an all time high last week and were mostly trading in the green prior to the event due to the market optimism regarding the event and the tenth anniversary iPhone.
Although Apple shares slid on news of the iPhone X’s release date, the stock was able to rise by around 1.5% during the event before losing around 1%. Last week, Apple shares briefly lost ground on reports of the company facing potential delays on the production of the next iPhone.
The premium iPhone X which will be sold starting at $999. Some have commented that the complex manufacturing requirements of the new iPhone might be the reason for the delay. Tim Cook who commented that the iPhone X is the company’s biggest leap forward since the first iPhone comes with a full glass display, an upgraded camera and a high-resolution facial recognition which can be used to unlock the phone. The iPhone X along with the iPhone 8 and 8 Plus can now be charged wirelessly.
Apple shares are expected to rally in the coming month as the numbers for the pre-orders of the recently unveiled devices are revealed by the company or the official stores who would be taking pre-orders starting October. Aside from the latest iPhones, the company also revealed the Apple Watch Series 3 which supports cellular connectivity along with a 4K Apple TV.