Apple loses up to $81 billion in market value as shares tumble 4% post iPhone 12 launch
14-October-2020

Apple stock fell as much as 4% on Tuesday as the tech giant unveiled its first slate of 5G- phones --- iPhone 12 range, erasing $81 billion worth of market value. The stock recovered some losses and closed down 2.7%. The tech giant revealed its first 5G-capable lineup of phones spread across four new models.

Apple's new phones will be available in a 6.1-inch iPhone 12, 5.4-inch iPhone 12 Mini and the iPhone 12 Pro in 6.1-inch and 6.7-inch sizes, all of which support 5G. The new phones will also boast more durable screens, upgraded cameras, and a faster processor.

According to BusinessInsider, shares traded at an intraday loss before the event but slid further after the reveal began at 1 p.m. At the stock's intraday low of $119.65 per share, Apple saw $81 billion erased from its market capitalization. Apple traded at $121.97 per share as of 3:35 p.m. ET Tuesday, up roughly 67% year-to-date.

The Apple iPhone launch event adopted the usual concept of going online (for this year at least) and was recorded from the Apple Park. The new 2020 iPhone 12 lineup includes four iPhones this time -- the iPhone 12, the iPhone 12 Mini, the iPhone 12 Pro, and the iPhone 12 Pro Max -- changing the number of iPhones per year henceforth. Read on to know all about the new iPhones.