On Tuesday, Apple declared the advent of its newest iPhone generation, boasting upgraded cameras, faster processors, innovative charging systems, and a price jump for the most luxurious model. The revealing event, held at Apple’s headquarters in Cupertino, California, is an attempt by the company to overcome a slight downturn as evidenced by a decrease in sales in the last three consecutive quarters compared to the previous year. This slump is a principal factor contributing to Apple’s roughly 10% stock price reduction since mid-July, which has dragged the company’s market valuation below the $3 trillion mark, which it first achieved earlier this summer.
Investors seemed skeptical of what Apple had to offer on Tuesday, with the company’s shares witnessing a near 2% decline, a drop steeper than the major market indices.
The market isn’t seeing groundbreaking leaps in technology with Apple or its competitors’ smartphone models. However, Apple incorporated sufficient new features in its premiere model, the iPhone 15 Pro Max, resulting in a $100 or 9% rise in starting price compared to last year’s version, to $1,200. The cheapest model of the iPhone 15 Pro Max offers 256 gigabytes of storage as part of this base price increase, a rise from the previous 128 gigabytes in the least expensive model of the iPhone 14 Pro Max.
Apple has remained steady concerning the rest of the lineup’s pricing, with the basic iPhone 15 priced at $800, the iPhone 15 Plus at $900, and the iPhone 15 Pro at $1,000. Thomas Monteiro, an analyst from Investing.com, suggests this hold on prices is a sensible action, given the ongoing inflation and spiking interest rates impacting household budgets. However, this could possibly squeeze Apple’s profit margins and apply more pressure on its stock prices.
Despite this, the price increase for the iPhone 15 Pro Max might aid Apple in enhancing sales if the preference for the company’s premium models continues to grow. According to Dan Ives, an analyst at Wedbush Securities, the iPhone 15 Pro and Pro Max will potentially comprise about 75% of the device’s total sales in the next year.
The new iPhone models will be available in stores starting September 22, with pre-orders commencing this Friday.
One significant shift that Apple divulged is the introduction of a new charging system for iPhone 15 models and those in the future. Apple will transition to the widely accepted USB-C standard, already implemented in many devices, including Mac computers and iPads. This change is fueled by the regulation planned to be introduced in 2024 by European regulators.
The basic iPhone 15 models now showcase redesigned dynamic island displays for app notifications, an attribute first seen in last year’s Pro models. A higher-performance chip, first used in last year’s Pro models, will now power the basic models – the advanced version of this chip will power the latest premium iPhone 15 models.
The iPhone 15 Pro and Pro Max will also feature a knockout camera setup, akin to housing seven lenses. A periscope-style telephoto lens enhances long-distance photo quality.
Additionally, in preparation for Apple’s mixed reality headset release in the following year, the iPhone 15 Pro and Pro Max will incorporate a spatial video feature designed for viewing on the headset. Plus, Apple encased these high-end models in the same titanium alloy used in some spacecraft.
Beyond its new iPhones, Apple unveiled its newest smartwatches. The Series 9 Apple Watch, available from September 22, will feature an innovative gesture control enabling users to control alarms and answer phone calls by a swift double snap of their thumbs and a finger.