Apple Cancels Flagship All-Glass iPhone Over Production Issues
Apple has cancelled its flagship all-glass iPhone model due to production issues, marking a setback for the company's product pipeline. The move comes after Apple reported record revenue and earnings in June, with net income reaching $29.8 billion.
The cancellation of the all-glass iPhone removes a key product that was meant to mark the 20th anniversary of the device. This affects how Apple planned to support iPhone pricing and marketing through this cycle, triggering a rare analyst downgrade. The downgrade questions the strength of Apple's iPhone roadmap, particularly as its upcoming foldable iPhone is expected to remain a niche, premium offering.
Investors are weighing what this cancellation and downgrade mean for Apple's future iPhone strategy. The company's next earnings releases will indicate whether the foldable iPhone launch and new iPhone 17 family keep iPhone-related revenue and average selling prices resilient. If those reports show healthy iPhone contributions despite the cancelled model, the revenue impact from this decision may remain contained.
Apple remains one of the largest and most closely watched companies in global markets, with a current share price of $313.33. The stock has delivered returns of 15.6% year-to-date and 38.3% over the past year, with a 3-year gain of 76.8% and 5-year gain of 112.4%.