Why has each iPhone launch caused Apple's stock price to drop?
Apple Inc shares dropped post the announcement of its iPhone X and iPhone 8 and 8 Plus launch. Here is how the company's stock performed after every iPhone launch in the past decade.
- The base price of the iPhone X has been priced at $999.
- Apple Inc's shares fell nearly $3 per share to close 0.4%
- Shares of Apple have fallen on the day of unveiling event almost 80% of the time.
With its latest launch of the iPhone X, base model priced at $999, Apple Inc lost as much as $3 per share on the NASDAQ on Tuesday as investors did not want to take a bite.
Share prices closed 0.4% lower at $160.86 per share.
The iPhone X, iPhone 8 and the iPhone 8 Plus unveiled yesterday have been priced a little shy of $1000, which adds up to close to Rs 1 lakh in Indian currency. The phones have been touted to symbolise class and status and trolled on social media to equate to the cost of a ‘small mortgage.’
Yet, the share price of the Tim Cook led company has repeatedly fallen on the day of the launch of a new iPhone almost inevitably. Shares of Apple have fallen on the day of unveiling event almost 80% of the time, as per a report by Kensho. After the launch of the first iPhone, the company’s share prices closed 8% higher.
We tracked down the launch dates of previous iPhones which are as follows:
And here is how Apple’s slight fall in share price yesterday compares to its previous closes post new iPhone launches in the past decade.
Source: Investing.com and Zeebiz.com research