Apple’s stock took a hit, dropping over 2%, following reports that the tech giant’s plans to launch a foldable phone to rival Samsung Electronics have been delayed due to technical challenges.
On April 7, Apple’s shares fell 2.07% on the New York Stock Exchange, closing at $253.50. This decline shaved the company’s market capitalization to $3.726 trillion.
Apple, celebrating its 50th anniversary this year, had ambitious plans to unveil a foldable phone as its next major innovation.
However, Japan’s Nikkei reported that technical hurdles would postpone the release of the foldable phone. The news triggered a sharp sell-off, with Apple’s stock plunging more than 5% at one point.
The losses were partially mitigated when Bloomberg News reported that the foldable phone could still launch alongside the iPhone 18 in September. This news helped the stock recover some ground, ending the day down 2.07%.
The foldable phone market is currently dominated by South Korea’s Samsung Electronics, which has maintained a near-monopoly since introducing its first foldable devices in 2017.