Apple’s stock took a nosedive, plunged more than 3% due to widespread disappointment with the newly unveiled iPhone.
On Wednesday, Apple shares tumbled 3.23% to close at 226.79 USD on the New York Stock Exchange. This sharp decline reduced the tech giant’s market capitalization to 3.366 trillion USD, making it the third-largest U.S. company by market value, trailing behind NVIDIA and Microsoft.
This marks the second consecutive day of losses for Apple, following a 1.48% drop the previous day.
Market analysts attribute this downward trend to the disappointing reception of the company’s latest product offerings.
During a highly anticipated event at Apple’s Cupertino headquarters in California, Chief Executive Officer (CEO) Tim Cook touted the iPhone Air as a game changer, emphasizing its role as the company’s next-generation flagship model.
The iPhone Air features a sleeker design while incorporating a high-density battery and the cutting-edge A19 Pro processor. With a starting price of 999 USD, it is set to replace the existing Plus model in the lineup, joining the iPhone 17 and iPhone 17 Pro.
Apple also unveiled the third-generation AirPods Pro, featuring real-time language translation capabilities. The new earbuds will retail for 249 USD, maintaining the price point of their predecessor.
The latest iteration of the Apple Watch introduces blood pressure monitoring functionality. Pricing remains consistent with previous models: 399 USD for the Series 11, 799 USD for the Ultra, and 249 USD for the SE.
Despite the fanfare surrounding these product launches, Apple’s stock has continued its downward trajectory for two straight days. Industry experts suggest that the absence of a true killer feature in the new lineup may be driving this investor skepticism.