Shares of American technology giant Apple Inc. fell by as much as 4% intra-day on 13 October after the company unveiled its first ever 5G iPhone. The drop wiped off approximately $81 billion from the company’s market capitalization, as investors reacted to the new launch.
“The fall in Apple shares could be attributed to the over-expectations that the market had from the event, including in terms of product announcements alongside the iPhone 12 series,” said Prabhu Ram, head, industry intelligence group, Cybermedia Research.
However, he added that the iPhone 12’s features and the aggressive pricing for the HomePod Mini “marks its move in an uphill battle” against Google and Amazon in the smart home market.
Apple iPhone 12 and iPhone 12 mini introduce a beautiful new design packed with innovative features, including A14 Bionic, an advanced dual-camera system, and a Super Retina XDR display with the Ceramic Shield front cover. iPhone 12 and iPhone 12 mini deliver an advanced 5G experience on a global scale, engineered with a seamless integration of world-class hardware and world-class software. 5G on iPhone boasts improved speeds for faster downloads and uploads, higher quality video streaming, more responsive gaming, real-time interactivity in apps, FaceTime in high definition, and more.
At just 3.3 inches tall, HomePod mini is packed with innovative technologies and advanced software that together enable computational audio to deliver breakthrough audio quality wherever it is placed. HomePod mini is designed to work with Apple Music, podcasts, radio stations from iHeartRadio, radio.com, and TuneIn, and in the coming months, popular music services including Pandora and Amazon Music. Multiple HomePod mini speakers work together to stream music or podcasts to multiple rooms, all in perfect sync.