A winning streak of nine days has just come to an end for the stock of Apple. On Tuesday, the shares of the tech giant started at a high of 1%. Soon, the gains started to trail off in the afternoon session of trade. The last instance when Apple had managed to post straight nine days of gains, was back in September last year. The rally that had gone on for a number of days came up after the event of Apple, which was packed with celebrities. The event had taken place on 25th March. Initially, this had caused a lot of disappointment or the investors on Wall Street.
Two weeks back, Apple had unveiled three brand new subscription services, which include TV service, gaming bundle, and a magazine. It even made an announcement of a credit card in partnership with Goldman Sachs. Still, the announcement managed to underwhelm analysts as the price of TV streaming is still on the higher side. Plus, they expect the reach of the Apple Card to be quite limited. The share price of Apple had fallen on the day of the launch and even one day after that. Now, the focus has shifted back to the flagship product of Apple, the iPhone.
The analysts believe that, while the tech giant has already suffered from slow demand for the smartphone, it even manages to hold on to a leading position in the market. Apple has cut down its iPhone prices by 6% in China after they had posted lower revenue that it was expected in the first quarter of the region. As on Tuesday, the stock price has gone up more than 26% in 2019, when Apple’s market cap had climbed to $943.5 billion.
Robert Arviso is an Android developer and YouTuber from Houston. His interests are ranging from anything to do with mobiles, computers and gaming. In free time, Robert loves to play games and watch movies.