Apple Shares Have Plummeted Following Worst Product Launch in Years
Poor reviews of the iPhone 8 have weighed on the group’s shares
by Abi Moses on 22nd September, 2017
Apple Inc. shares were in retreat again today, extending its falls since the tech giant unveiled its latest iPhone last week. Shares for the company have tumbled a further 5%, which puts it on track for its worst post-announcement performance since 2013.
The company’s shares were trading at $152.37, down approximately 0.7% on last night’s closing price. This comes after having fallen 4.6% since unveiling the new iPhone 8 and iPhone X last week, along with a brand new Apple Watch and further Apple TV products.
This share price decline breaks a pattern which has been established in seven of Apple’s last ten launches.
Poor reviews of the iPhone 8 have weighed on the group’s shares whilst investors fretted that pre-orders for the device were well below other launches in the past.
The brand new smartphone went on sale to customers across the UK and Asia today, although crowds outside shops were not seen to be as big as previous launches. This may possibly be because of the flagship, and it being the most expensive device yet. The iPhone 8 was unveiled just last week by Apple’s CEO at an event, and even though the iPhone 8 went on sale today, the new iPhone X won’t be available until November 3rd, and it will be priced at $999.
In a statement analyst Michael Olsen said: "We believe the changes in iPhone X (vs. previous iPhone models), to both form and function, will be a catalyst to drive many new & existing iPhone users to consider an iPhone later this year,"
However, there was some good news for investors today. This is due to US broker, Piper Jaffray, hiking its target for Apple shares to $196 from $190.
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