On Thursday, shares of Apple slipped almost 8% after various reports revealed that Apple might be receiving smaller order and demand for their recently unveiled iPhone 8 and 8 Plus.
The company unveiled three new iPhone flagship units last month during their annual event in their headquarters in California in their latest Apple Park facility in Cupertino. Aside from the iPhone 8 and 8 Plus, the company also introduced the iPhone X to the public which will be released in line with the device’s tenth anniversary this year. The company also introduced new product offerings such as the 4K Apple TV and the Apple Watch Series 3 which will now support cellular connection.
Although the iPhone 8 and 8 Plus will be released just a couple of weeks after the event similar to past iPhone date releases, investors were disappointed that the premium iPhone X will be released two months later than the iPhone 8. Pre-orders for the iPhone X would begin next month while its official is yet to begin until next year.
Apple shares lost ground after the event due to the late iPhone X release date. The stock of the iPhone-maker traded to new highs at $264.94 per share a couple of weeks before the event due to the optimism regarding the event before it slipped and traded down to as low as $161.50 per share after the event. Apple shares suffered further after initial reports and reviews showed that the Apple Watch Series 3 is showing some problems in terms of its cellular connectivity feature.
However, a number of investors remained mostly positive due to the iPhone X which is expected to receive higher demand and orders. A number of reports and surveys have also revealed then that the premium iPhone X is expected to receive higher orders despite its starting price of $1,000 which is the highest iPhone price yet compared to the iPhone 8’s price range of around $200 to $300.
A number of mobile networks have recently commented on the weak demand for the iPhone 8 and 8 Plus for the past couple of weeks which was due to the market awaiting for the release of the iPhone X. Although most investors expected the premium phone to receive more attention, the current numbers have disappointed investors stating that the current demand is lower than what they have expected.
Apple does not reveal official sales numbers anymore, however, a number of official sellers, distributors, and network operators have all noted on the weak progression of iPhone 8 sales and orders. Some have also commented that iPhone 8 orders have slipped by as much as fifty percent. Apple shares are down by 1.5% during Thursday’s pre-market trading is now down by almost 3%.
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