Apple unveiled three new phones at its event
Apple (AAPL) unveiled three new phones on Tuesday, September 12. The new iPhone, dubbed “iPhone X,” packs in more features than any other version of the iPhone. The iPhone X has advanced features including face recognition. The smartphone has a 5.8-inch edge-to-edge, high-resolution screen without the home button. The tech giant also introduced the iPhone 8 and 8 Plus with upgrades to the iPhone 7 with a new design and features like louder speakers, upgraded cameras, and faster processors. Apple is unveiling three phones this year for the first time. All three will have wireless charging capabilities.
The iPhone X’s design is unique compared to the previous versions of the phone. It is made out of glass and stainless steel, with an OLED display. The smartphone will come with a dual lens camera and depth sensors. It will start shipping on November 3 and will cost between $999 and $1,149. However, iPhone 8 and iPhone 8 Plus will be available on September 22.
The new iPhone needs to deliver
iPhone annual shipments fell for the first time in 2016, as competition with the likes of Samsung (SSNLF) and Chinese makers like Huawei intensified. Apple has found it difficult to capture the Chinese market in recent quarters, as local makers have offered similar products at much lower prices. Apple hopes that the new iPhone will set the record straight in the country.
The company is banking on the iPhone X to get sales back on track. Apple stock has zoomed up by 40% this year, as markets expect iPhone X sales to pick up during the holiday season. If sales don’t improve, Apple stock could take a hit. In fiscal 2016, iPhone revenues made up 67% of the company’s total revenues.