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Apple stock slid as much as 4% on Tuesday as the tech giant revealed its first slate of 5G-capable iPhones.
The dive erased $81 billion from Apple’s market capitalization at intraday lows before shares pared some losses.
Analysts have high expectations for the new phones, with roughly 350 million iPhones eligible for an upgrade this year.
Watch Apple trade live here.
Apple tumbled as much as 4% on Tuesday as the company unveiled its latest iPhones.
The tech giant revealed its first 5G-capable lineup of phones spread across four new models. The iPhone 12 will be available in a 6.1-inch size and as a 5.4-inch variant deemed the iPhone 12 mini. The premium iPhone 12 Pro will be sold in 6.1-inch and 6.7-inch sizes. The new phones will also boast more durable screens, upgraded cameras, and a faster processor.
Shares traded at an intraday loss before the event but slid further after the reveal began at 1 p.m. ET. At the stock’s intraday low of $119.65 per share, Apple saw $81 billion erased from its market capitalization.
Read more: Apple just unveiled the first iPhones that include 5G technology. A Neuberger Berman investment chief says he’s identified …read more
Source:: Businessinsider – Tech