Apple loses $13 billion in market value after it launches biggest, costliest iPhone

By: | Updated: September 13, 2018 12:04 PM

Apple Inc., the most valued public-listed company on Earth, lost a whopping $13 billion in stock market value or market capitalisation after the California-headquartered tech behemoth launched the biggest and the costliest iPhone on Wednesday, 12 September 2018.

Apple Inc launched the costliest and biggest iPhone on Wednesday, 12 September 2018. (Image: Apple Website)

Apple Inc, the most valued public-listed company on Earth, lost a whopping $13 billion in stock market value or market capitalisation after the California-headquartered tech behemoth launched the biggest and the costliest iPhone on Wednesday, 12 September 2018. Apple on Wednesday unveiled three new iPhone models — iPhone XS, iPhone XS Max (the biggest iPhone so far) and iPhone XR.

Following the little changes in the latest iPhone models as compared to the last year’s completely revamped iPhone X, Apple shares plunged as much as 1.79% to $219.84 before closing at $221.07, down 1.24% on Nasdaq. With a drop of more than 1% in the share prices, about $13 billion was wiped off from Apple Inc’s market capitalisation on Wednesday. According to the data available with Nasdaq, Apple’s stock market value stands at $1.06 trillion as on Wednesday, down 13 billion from $1.08 trillion as on Tuesday.

All the latest iPhone models (XR, XS, XS Max) are priced between a range of Rs 76,000 and Rs 1,35,000. In India. iPhone XS will be made available from 28 September while iPhone XR will be available from 26 October. Apple iPhone XS Max flaunts a screen size of 6.5 inches, the biggest screen size ever in iPhone and the biggest available in the market to date. “The larger screen will be very important in China to turn around the trend there, because they have lost some share in the last few years, partly because of screen size,” Annette Zimmermann, Gartner analyst was seen as saying in a Reuters report.

Apart from the latest iPhone models, Apple also unveiled the newer iPad and Apple Watch Series 4. The Apple Watch Series 4 boasts first of kind health capabilities in an Apple watch such as a new accelerometer and gyroscope, which are able to detect hard falls, and an electrical heart rate sensor that can take an electrocardiogram (ECG) using the new ECG app. The inbuilt electrocardiogram application in Apple Watch Series 4 has been granted a classification by the United States Food and Drug Administration (US FDA).

Earlier last month only, Apple Inc became the first US-based public-listed company to climb a market capitalisation of $1 trillion. Apple’s product launch event ‘Gather Around’ was held at the Steve Jobs Theater in its new circular headquarters in Cupertino, California, United States.

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