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Apple Lost $81 Billion Market Value After Announcing Its New iPhone 12

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Apple Lost $81 Billion Market Value After Announcing Its New iPhone 12

Apple stocks have fallen by as much as 4 percent following the announcement of the new iPhone 12 models yesterday.

The new line of phones was unveiled at the virtual Apple Event in California yesterday morning, where CEO Tim Cook ushered in 'the next generation' for the brand.

But while the folk at Apple were enjoying the 'huge moment', as they introduced not only the new devices, but also other exciting features like 5G for iPhone, the stock market wasn't looking quite so happy.

According to a report by Markets Insider, shares traded 'at an intraday loss' just before the event, but 'slid further' after the big reveal - with $81 billion (£62bn) wiped from Apple's market value.

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The stock recovered some losses and closed down 2.7 percent.

The announcement was also overshadowed slightly by quips online about the new iPhone 12 bearing an uncanny resemblance to the iPhone 5, thanks to its curved frame.

One Twitter user took the 'How it started, how it's going' meme format, and used it for a comparison between the iPhone 5s and the new iPhone 12 Pro.

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A second comment read: "Did Apple just re-release the iPhone 5?"

Another referred to the new model as 'iPhone 5... the remix', while a fourth said: "Apple trying to sell me the iPhone 5 again but calling it the 12 and I'm still gonna buy it."

But while some reckon the new phones are a bit of a throwback, there are several features that promise to give them the modern touch Apple is known for.

Not least is the advent of 5G for iPhone, with Cook referring to this as 'the most exciting step yet'.

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"We're bringing 5G for iPhone," Cook said.

"This is a huge moment for all of us and we're really excited."

The new iPhone 12. Credit: Apple
The new iPhone 12. Credit: Apple

The phones will connect to Verizon's 'Ultra-Wideband' network, with Verizon CEO Hans Vestberg adding: "5G just got real."

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Apple said the new phones would feature the company's brightest display ever, with the screen also set to be 'tougher than any smartphone glass' thanks to technology called 'Ceramic Shield', which gives them four times the chance of surviving without cracking.

Another change is that the new models won't come with a power adapter or headphones, with just a USB-C to Lightning cable included in the box - something Apple says is part of its bid to cut carbon emissions.

Featured Image Credit: PA

Topics: News, Technology, Apple, iPhone

Jess Hardiman
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