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|13th September 2013, 06:43||#1|
Join Date: May 2010
Apple investors panic over costly iPhones
Apple's share price, which should be going through the roof on the back of two product launches, actually went down as Wall Street gave the thumbs down to Cupertino.
Wall Street slammed Apple for releasing an over-priced model which was supposed to sort out emerging markets such as China, and dismissed the other model as lacking enough new features.
The consensus was that Apple missed an opportunity to introduce a low-end smartphone to drive sales in Asia, where Samsung and China's Huawei have a wide lead over Apple.
The plastic iPhone 5C will sell for $730 in China, which is more than the average monthly urban income in China, and about double the cost of similar phones from Samsung and other vendors.
Mark Luschini, chief investment strategist at Janney Montgomery Scott told Reuters that investors were put off that Apple's price point didn't go low enough to attract a new market.
The high-end iPhone 5S disappointed Wall Street and revived fears that Apple's most innovative days may be behind it. The phone launched with a gimmick, as is tradition, which in this case was a fingerprint scanner to improve security. However, analysts felt that this was not good enough to make the iPhone 5S a sure win in the crowded smartphone market.
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