Shares of Apple Inc slipped on Wednesday after reviews of their recently launched Apple Watch 3 Series failed to impress the market.
According to a number of reviews held regarding the iPhone maker’s latest smartwatch version, users faced a hard time connecting the Apple Watch Series 3 to mobile networks. Other reviews also revealed that the Apple Watch 3 showed issues from the beginning one issue being However, the company reportedly stated that it is now working on a possible solution for the issues raised.
Although the device is still to be officially released this Friday, Apple has reportedly offered a number of users to review and test the device. The company reportedly responded that the issue with the connectivity might have something to do with the latest watch joining other Wi-Fi networks that do not offer any connectivity. The company is now working on a fix which will be made available in a future software release.
Apple shares ended 1.7% lower during the trading session after sinking by as much as 3.1% during the trading session. Apple then became the worst performing stock in the Dow Jones Industrial Average during the trading session with the index slipping down by around 0.1%.
The device which will be sold starting at $329 for the non-LTE variant and $399 for the LTE version was unveiled last September 12 during the Apple event where the upcoming iPhone versions are also unveiled.
During the event which commemorated the tenth anniversary of the iPhone, the company revealed not two but three brand new iPhone versions. The iPhone 8 and 8 Plus which will be sold starting this month and the iPhone X which will be made available November later this year.
Aside from the new iPhone units, the company also stated that it would be releasing an Apple 4K TV alongside the Apple Watch Series 3. Apple also announced the release of the final iOS 11 version.
The stock of the company which has gained 40% this year hit an all-time high prior to the event at around $164.94 last month due to the optimism regarding the next iPhone. However, shares of the company slipped after it stated in the event that the iPhone X which will be sold starting at $1,000 will not be released this month.
Shares of other smartwatch makers such as Fitbit also declined during the same trading session on the outlook of the latter not being able to compete with Apple’s smart watch.
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