Apple’s disclosure was met with iPhone 13 For the first time, stocks fell on Tuesday, in line with a tradition of underperforming stock prices on the day the devices are revealed.
Shares of the tech giant sank after Apple executives, including CEO Tim Cook, introduced the new lineup of phones and other devices. The stock fell by more than 1% to close at $148.12 in New York trading.
According to Al Arabiya.net’s calculations, Apple’s market value lost about $25 billion during yesterday’s trading.
Before Tuesday, Apple shares had fallen 75% of the days that Apple unveiled new iPhones, according to data compiled by Bloomberg.
Excluding Apple’s 8.3% rise on the day co-founder Steve Jobs announced the first iPhone in 2007, Apple’s stock fell an average of 0.8% on its debut day. This comes as the iPhone accounted for nearly half of Apple’s revenue in the last fiscal quarter.
The Bespoke Investment Group attributed the decline in shares to the fact that it may be the result of investors’ accustomed to regular innovation from Apple, as well as the advance of shares based on rumors that revealed many details of its new products before the official announcement of the company.
“Any positive impact of a new equity issue is usually priced in,” the research firm said in a note to clients on Monday.
Apple shares have posted double-digit gains this year, on their third annual rally, buoyed by investor optimism about the company’s growth prospects. But the stock took a hit last week after a federal judge ordered Apple to adjust its App Store business model.
Shares recorded their biggest drop in four months after the ruling, which wiped out $85 billion from its market value. However, Wall Street remains optimistic about the stock.
80% of 47 analysts covering Apple recommended buying the shares, with only two recommending selling them, according to data compiled by Bloomberg and seen by Al Arabiya.net. Where the average expectations of analysts for the shares indicated a rise of 11% during the next 12 months, starting from the closing session of last Monday.
These were the details of the news iPhone 13 incurs Apple investors $ 25 billion! for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.