US technology giant Apple saw a 4 percent slide downward — effectively wiping out $81 billion in market value — following the launch of the 5G capable iPhone 12 line-up on Tuesday.
According to Business Insider, Apple shares were already under pressure before the launch of the new range of phones, but quickly tumbled following the reveal of the products and associated features.
Customers may have been jarred by the lack of wired earbuds and power adapters in the box, despite Apple’s explanation of the items’ exclusion to be part of their steps towards full carbon neutrality. The iPhone 12 is also the first major design overhaul for the premium smartphone manufacturer since the flagship iPhone X’s launch in 2017.
The iPhone 12, spread across four models, feature more durable screens, upgraded cameras and a faster processor, reports Business Insider.
Apple also revealed the HomePod mini, a $99 alternative to its smart speaker and slated for a November release.
Suppliers in Asia and Apple itself expect increased demand for the flagship smartphone, which is being termed by industry analysts as a “once in a decade” launch, said the Business Insider report.
Apple traded at $121.97 per share as of 3:35pm on Tuesday, up roughly 67% year-to-date, added the update.