Apple shares slip on heels of iPhone 7 launch
September 09, 2016 01:10
Apple shares slipped today after the unveiling of a new iPhone failed to ignite investor enthusiasm in the tech giant.
Apple shares fell 2.63 per cent to $105.50 in early afternoon trades on the Nasdaq Exchange in New York.
The stock price gave the California-based company a market-topping value of $572 billion.
Apple on Wednesday introduced new iPhone 7 and larger iPhone 7 Plus models with sophisticated camera technology, improved water resistance and other features.
The flagship devices with boosted memory capacity will be sold at roughly the same price as the models they replace.
But gone is the traditional headphone jack, requiring audio to be delivered via Apple's proprietary "lightning" connector or by wireless -- and that may irk iPhone users with a fondness for wired headsets.
The new-generation iPhones and a second-generation Apple Watch unveiled at the event boast the ability to get wet without getting ruined.
The new smartphones come with Apple seeking to reverse declines in sales of the iPhone in an increasingly saturated global market, and boost its Apple Watch. While Apple has touted total iPhone sales of one billion, the number sold in the quarter ending June 25 fell 15 percent from a year earlier, highlighting concerns over growth for the key profit driver.
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