Home / Technology / The iPhone X’s delayed launch is pounding Apple’s stock

The iPhone X’s delayed launch is pounding Apple’s stock

Apple’s stock took a dip Wednesday on news that the hotly anticipated iPhone X won’t hit stores until November, likely crimping sales during the crucial holiday quarter.

The so-called “future of the smartphone” will become available for shipping on Nov. 3 — far later than the usual initial iPhone ship dates between late September and early October.

Apple shares tumbled as much as 2.1 percent Wednesday, to $157.91, after dropping 0.4 percent Tuesday immediately after the iPhone event.

The iPhone X — which boasts an edge-to-edge screen and futuristic facial-recognition tech — has been rumored to be dogged by manufacturing hiccups.

Earlier this week, KGI Securities analyst Ming-Chi Kuo said in a research note that Apple is only able to produce 10,000 units a day.

Worries about the iPhone X’ FaceID tech got goosed on Tuesday when Apple software chief Craig Federighi initially had trouble unlocking the demo model onstage at a splashy reveal at Apple’s new “spaceship” headquarters near San Francisco.

Combine that with an unprecedented $999 price tag for the entry-level iPhone X, and some on Wall Street were underwhelmed.

In addition to the iPhone 8 and 8 Plus, which amounted to slightly souped-up versions of the iPhone 7 and 7 Plus, the tech giant also announced the cellular-enabled Apple Watch Series 3 and an 4K-capable Apple TV — all of which had been leaked before the event.

“We were positively surprised by the Apple Watch functionality and the price increase on the iPhone 8 and 8 Plus, but were disappointed by the lack of incremental functionality in the iPhone X to justify the $999 price point,” KeyBlanc Capital Markets analyst Andy Hargreaves said in a research note.


NYC post

Check Also

Apple admits new watch has connectivity issues

Apple has admitted to a major flaw in its latest Apple Watch, just two days …