Apple Shares Close 1.7% Lower After iPhone 15 Launch Event

Tech giant Apple shares closed 1.7% lower on Tuesday after the company launched iPhone 15 at its flagship launch event named ‘Wonderlust’. The stock closed at $176.30 per piece.

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According to a report by news agency Reuters, the fall in share price of Apple came after China's Huawei Technologies raised the second-half shipment target for its Mate 60 series smartphone by 20%.

Furthermore, the stock price of Apple has fallen more than 6% over the last five days. However, the stock has rallied more than 41% in the last one year, according to data by an exchange house.

Fall in Apple shares also led to a massive decline in the tech index by 1.04% at 13,773.62. The S&P 500 declined 0.57% to end the session at 4,461.91 points, while Dow Jones Industrial Average eased 0.05% to 34,645.99 points.

The tech giant unveiled its iPhone 15 series, along with Apple Series 9 version at the event held in the company's headquarters in Cupertino. 

Last month, the shares of the tech giant fell massively which led to a significant decline in its market value below the $3 trillion mark. Apple’s decline was marked as its worst so far in 2023, even after delivering better than estimated quarterly results.

In July this year, Apple made history in Wall Street by becoming the first company to reach $3 trillion as market capitalisation. 

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Last month, Applereported 2.3% growth in profit at $19.9 billion for the fiscal third quarter as strong performance in the services segment offset a dip in iPhone sales. It also reported a steep decline in sales by 1.4% for the fiscal third quarter ended July 1 at $81.8 billion and earnings per share rose 5% to $1.26.