Apple rolled out its much-anticipated iPhone X with a $999 price tag, but investors sent the company’s stock down. Fred Katayama reports.
Apple rolled out its much-anticipated iPhone X on the tenth annivesary of its best selling product, and CEO Tim Cook contends it’s a big advance.
TIM COOK, CHIEF EXECUTIVE OFFICER, APPLE:
“This is iPhone X this is the biggest leap forward since the original iPhone.”
The phone features wireless charging and an infrared camera. Special hardware for facial recognition will replace the fingerprint sensor for unlocking the phone.
The home button found on previous iPhones is also gone. Users will instead tap the device to wake it up.
The screen on the iPhone X is about the size of the current iPhone 7 plus, though the phone itself is smaller. It features richer colors thanks to a new technology called OLED.
The price is $999. It’ll ship on November 3rd.
Santosh Rao, head of research at Manhattan Venture Partners says the higher price could mean higher profits.
SANTOSH RAO, HEAD OF RESEARCH, MANHATTAN VENTURE PARTNERS:
“Even though it’s a thousand bucks, with the installment plans, all these wireless carriers and manufacturers have, it’s not that big of a hit. The sticker shock is not going to be that big. Even though it’s a thousand bucks. Now, very likely, you are paying 30 to 40 bucks a month on installment basis for your iPhone 7 or iPhone 6. Now it might be 45 to 50 bucks. So, the incremental is not that much, not a big hit. So, people will buy in. So, diehard Apple will buy the phone.”
Apple also introduced a cheaper iPhone 8 and iPhone 8 Plus. Both resemble the iPhone 7 line, but have a glass back for wireless charging.
And Apple Watch got an upgrade. Now it can make calls and access the internet without an iPhone.
Investors’ reaction was lukewarm. They sent Apple’s high-flying stock down almost one percent.