Apple’s stocks drop following announcement of new iPhone 16 series
Date
9/11/2024 9:08:02 AM
(MENAFN) On Tuesday, Apple’s stock experienced a decline in pre-market trading following the company's announcement of its new Iphone 16 series the previous evening. As of 13:15 GMT, Apple's share price had decreased by 0.87 percent, trading at USD218.99 per share before the official market opening. This drop in stock value came amid investor reactions to the latest product launch, which introduced several new iPhone models.
The newly unveiled iPhone 16 series includes four distinct models: the iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max. These new devices come equipped with customizable action buttons and are designed to leverage advanced artificial intelligence (AI) features. Despite the innovative offerings, there has been some disappointment among users due to the fact that the full range of AI functionalities is not yet available. These features are scheduled to be rolled out gradually, with full deployment expected by the end of this year and into 2025, depending on regional and language availability.
In addition to the product launch, Apple faced another significant challenge as the European Union’s highest court issued a ruling requiring the company to pay €13 billion (approximately USD14.3 billion) in back taxes to Ireland. This ruling marks the conclusion of a lengthy legal battle that has spanned a decade, underscoring the ongoing regulatory and financial pressures faced by the tech giant.
In related industry news, Apple’s competitor Huawei made headlines by unveiling the world’s first three-folded mobile device, named the Mate XT. This innovative product adds a new dimension to the foldable smartphone market, potentially intensifying the competitive landscape for Apple and other technology companies in the sector.
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