Apple Unveils The iPhone 12: 5G Network Enabled
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- Apple’s latest release of the iPhone 12 brings out the most expected 5G technology. Improving the user experience in terms of connection speed.
- Stocks didn’t perform so well after the company’s latest release, as the phone’s new features didn’t please the fans’ expectations.
In the Apple Event yesterday, CEO Tim Cook had a lot of news for the viewers. Firstly, he introduced the new iPhone 12 line, enabled to work on the 5G network. The new line consists of four models, the iPhone 12, iPhone 12 Mini, iPhone 12 Pro and Pro max. With 5G being the headline upgrade feature, Tim Cook hopes to bring the next upgrade cycle since the current iPhone installed base is old and due for an upgrade.
Apple will try to boost sales heading into the holiday season as an opportunity to upsell a lot of new devices as it’s still 20% below the iPhone unit peak of 5 years ago. The $2tn company expects to sell upwards of 80m phones in Q3, 2020.
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Pricing & Key Features for Users
As far as pricing goes, the flagship iPhone 12 starts at $829, priced $130 higher compared to its predecessor, the iPhone 11. Next follows the iPhone 12 mini priced at $699. iPhone 12 Pro starts at $999 and the 12 Pro Max will retail for $1,099.
On the outside, the lineup has a flatter, boxier design, which according to Tim Cook, allows fitting more screen in a thinner and smaller case. In regards to hardware, the new phones brag better cameras, faster chips, night mode added to the front-facing camera, and a new feature called MagSafe, which is essentially a magnet on the back of the phone designed to snap to a charging dock and could also be used to affix clip-on accessories such as wallets and cases.
Some of the additional news made by CEO Tim Cook include the unveiling of another hardware product, the HomePod mini, a Siri-enabled home speaker with a starting price of $99.
Stocks Deliver a Disappointing Performance
Stock performance, on the other hand, was sharply in the red as $AAPL fell 2.7% on Tuesday. The day before, however, the stock was in a rally mode ahead of the event adding 6.4% to its valuation going from $116.97 to $124.50.
The disappointment in the stock after the event, according to analysts, was due to the lack of announcements on the long-anticipated over-ear headphones Studio AirPods and tracker tags AirTags, intended to help recover lost items. The removal of charging adapters and headphones from boxes, which according to Tim Cook is an “environmentally friendly” step, also did not sit well with fans across the globe.
In the current market hour, Apple is up 0.64% to trade at $121.88 in a relatively calm session.