Apple loses up to $81 bn in value as it unveils iPhone 12 range
Shares of Apple fell as much as 4% on Tuesday as the company unveiled the iPhone 12 range, erasing $81 billion worth of market value. The stock recovered some losses and closed down 2.7%. Apple launched the 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.
Shares traded at an intraday loss before the event but slid further after the reveal began at 1 p.m. ET. At the stock's intraday low of $119.65 per share, Apple saw $81 billion erased from its market capitalization.
Though much of the event brought highly anticipated additions to the new generation of iPhones, some elements of the launch may have rankled consumers. For one, the phones will be the first to lack wired earbuds and a power adapter in the box. Apple touted the items' exclusion as a major step toward reaching full carbon neutrality.