Apple Stock Falls Ahead of iPhone-Focused Product Event
Apple's stock price fell by 1.2% on Tuesday, closing at $316.22, just before its highly anticipated September product event. The event, scheduled for Wednesday, September 9, at 10 a.m. Pacific time, promises to be an exciting one, with Apple's official invitation teasing 'Surprise and shine.'
The iPhone is expected to take center stage, with many predicting the introduction of a foldable model. However, investors will be looking for more than just a new design, they'll need evidence that premium pricing, availability, and component costs can sustain an unusually strong iPhone quarter.
Apple's fiscal third-quarter revenue rose 16% to $109.4 billion, with iPhone sales jumping 22% to $54.25 billion. The iPhone accounted for 49.6% of total sales and 69.0% of product revenue in the latest quarter.