The 10-year anniversary of the launch of the first iPhone has been marked by Apple (US:AAPL) with a major event at the group’s shiny new headquarters – Apple Park – in California. And apart from the brief moment when chief executive Tim Cook couldn’t unlock the iPhone X (as in the Roman numeral) using the new facial recognition feature, things went off without a hitch.
But Apple’s share price fell from its pre-launch highs of $164 (£124) after Mr Cook revealed the X won’t actually hit the shelves until November, instead of the usual September launch date. But it isn’t the first time that Apple’s stock has retreated following the launch of a new phone, following a major rally amid pre-launch expectations.
The iPhone X carries a $999 price tag and, aside from its face ID security system, will offer customers the ‘Animoji’ – which superimposes the user's facial expressions and speech onto animated emoji – and a better camera. If it’s popular, analysts think the X would be materially earnings enhancing and help the iPhone range contribute perhaps three-quarters of Apple’s overall revenue in the final quarter of the year, up from around half.
