Apple shares slump as buyers hold out for iPhone X
Apple was dragged down more than 2pc on Thursday amid criticism its staggered release of the new range of iPhones has hampered demand for the iPhone 8 as buyers hold out for the higher-end model.
The tech giant fell to close down $3.78 to $155.98, in what was its steepest drop in the past two months.
Apple's iPhone 8 and iPhone 8 Plus went on sale late last month, including features such as wireless charging capability, a dual-lens camera and HD retina display.
However, since then, reports have suggested the model is proving less popular than earlier upgrades.
Mobile retailers prior to its launch reported seeing lower than expected pre-order sales, and comments coming out of the US have signalled to ongoing weakness in demand.
On Wednesday, AT&T said its customers upgraded 900,000 fewer sets in the three months to the end of September than they did last year when the iPhone 7 was released.
Then on Thursday, the head of Canada's largest mobile network Rogers Communications, Joe Natale, said there was a "more anemic appetite for the iPhone 8 right now".
"There's lots of anticipation around the iPhone X and what it has to offer," he said.
UK iPhone X price comparison with other countries
When Apple launched the new phones last month, it also unveiled the iPhone X, which, although significantly more expensive than the iPhone 8, includes more new features and is substantially different to earlier models.
The iPhone X, with a price tag of £999, includes facial recognition technology to unlock handsets and additional augmented reality features such as creating 'animogis' – emojis which mirror owners' facial expressions.
The iPhone X will be available for pre-orders on October 27 and be released on November 3.
Apple had previously forecast that its revenue would be $49bn (£37bn) to $52bn in the three months to the end of September.
