Why has each iPhone launch caused Apple's stock price to drop?

Key Highlights

• The base price of the iPhone X has been priced at $999.
• Apple Inc's shares fell nearly $3 per share to close 0.4%
• Shares of Apple have fallen on the day of unveiling event almost 80% of the time.

With its latest launch of the iPhone X, base model priced at $999, Apple Inc lost as much as $3 per share on the NASDAQ on Tuesday as investors did not want to take a bite.

Share prices closed 0.4% lower at $160.86 per share.

The iPhone X, iPhone 8 and the iPhone 8 Plus unveiled yesterday have been priced a little shy of $1000, which adds up to close to Rs 1 lakh in Indian currency. The phones have been touted to symbolise class and status and trolled on social media to equate to the cost of a ‘small mortgage.’  

Yet, the share price of the Tim Cook led company has repeatedly fallen on the day of the launch of a new iPhone almost inevitably. Shares of Apple have fallen on the day of unveiling event almost 80% of the time, as per a report by Kensho. After the launch of the first iPhone, the company’s share prices closed 8% higher.

We tracked down the launch dates of previous iPhones which are as follows:

And here is how Apple’s slight fall in share price yesterday compares to its previous closes post new iPhone launches in the past decade.

Source: Investing.com and Zeebiz.com research