Apple Inc’s first-time presentation of the iPhone 13 was met with a stock slump on Tuesday. in in line with a tradition of underperforming stock prices on the day in which devices were revealed.
Shares in the tech giant sank after Apple executives, including CEO Tim Cook, introduced the new range of phones and other devices. The stock fell more than 1% to close at $ 148.12 in New York trading.
According to Al Arabiya’s calculations.net, Apple’s market value lost about $ 25 billion during yesterday’s trading.
Prior to Tuesday, Apple stock was down 75% days in which Apple unveiled the new iPhones, according to data compiled by Bloomberg.
Excluding Apple’s 8.3% increase on the day in which co-founder Steve Jobs announced the first iPhone in 2007, Apple’s shares fell in media by 0.8% on the day of its debut. This is because 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 could be the result of investors accustomed to regular innovation from Apple, as well as the stock advancement based on rumors that revealed many details of its new products prior to the release. official announcement of the company.
“Any positive impact of a new share issue is usually discounted,” the research firm said Monday in a note to customers.
Apple shares posted double-digit gains quest’year, in 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 model of business of the App Store.
Equities recorded their biggest decline in four months after the ruling, which wiped $ 85 billion off its market value. However, Wall Street remains optimistic about the stock.
80% of the 47 analysts covering Apple recommended buying the stock, 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 stock indicated an increase of 11% in the next 12 months, starting from the closing session last Monday.
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