Apple's stock dropped as officials, including Chief Executive Officer Tim Cook, unveiled a new range of iPhones and other products. In the New York trade, the stock dropped 1% to end at $148.12. On the days before Tuesday, Apple's stock price had fallen on three-quarters of the days the company revealed new iPhone models.
Apple shares have declined an average of 0.8 percent on the day of a debut, excluding the 8.3 percent surge, on the day co-founder Steve Jobs introduced the original iPhone in 2007. In Apple's most recent fiscal quarter, the iPhone accounted for over half of the company's revenue.
According to Bespoke Investment Group, the poor performance is likely due to investors growing accustomed to Apple's constant innovation and many of the specifics being disclosed ahead of the presentations.
Apple's stock has risen by double digits this year, on track for its third annual increase, owing to investor confidence about the company's future prospects. However, Apple's stock dropped last week when a federal court ordered the company to change its App Store revenue model. Following the decision, the company's stock dropped to its lowest level in four months, wiping out $85 billion in market value.
The iPhone 13 will be available in five colors and include an advanced dual-camera system and an OLED screen display. It will also come with 5G connectivity, A15 bionic chip, and 2 extra hours of battery life. It will hit the market next week with a list price of $799.
The iPhone 13 Pro, priced at $999, will be available in four separate finishes and include a larger display of 6.7 inches, improved battery life, and a new camera system. The iPhone 13 Pro Max will cost $1,099.
An iPhone 13 mini, priced at $699, will also be released alongside the main smartphone that will have a battery life that's 90 minutes longer than its prior version.