Shares of Apple fell on Wednesday after the technology company unveiled its latest iPhone lineup, including its first-ever foldable smartphone.
The launch was the first major product event led by Apple’s new Chief Executive Officer, John Ternus, who took over from Tim Cook earlier this month. Despite the excitement surrounding the new products, investors responded cautiously, with Apple shares ending the day about 0.3% lower.
The biggest announcement was the iPhone Duo, Apple’s first foldable iPhone. The device opens like a book to provide a larger display and will start at about $1,999, making it one of the company’s most expensive smartphones.
Apple also introduced the new iPhone 18 Pro and iPhone 18 Pro Max, alongside updates to its other products and services. The company is hoping the new devices will encourage consumers to upgrade and help maintain strong iPhone sales.
However, the initial reaction from investors was not as strong as Apple may have hoped. Shares initially fell by more than 2% during the product presentation before recovering most of the losses by the end of trading.
The cautious reaction reflects concerns about whether Apple’s latest products offer enough innovation to persuade customers to spend more money on new devices. The high price of the foldable iPhone could also limit its appeal to consumers.
Apple is also facing pressure to strengthen its position in artificial intelligence. During the event, the company highlighted new AI capabilities and developments around Siri, its digital assistant. Apple said its AI features would focus heavily on privacy, with some processing taking place directly on the device.
The new products come at an important time for Apple as competition in the smartphone market continues to increase, particularly in the foldable-phone segment.
For businesses and investors, the performance of the new iPhones will be closely watched in the coming months. Strong sales could boost Apple’s revenue and reassure investors that the company can continue to grow under its new leadership.
For now, however, Wall Street’s response suggests investors want to see actual sales results before becoming fully convinced by Apple’s latest product strategy.
