Apple shares fall after iPhone announcements
Apple's shares sank after its recent iPhone reveals

DISAPPOINTMENT? Apple's stocks fell 2.3% after its latest iPhone announcement event.

MANILA, Philippines – Apple’s latest announcements may have gotten attention from techies around the world, but their latest offerings did not seem to mollify the business sector.

Apple, one of the largest US companies by market capitalization, suffered one of the biggest declines among large companies, falling 2.3% after chief executive Tim Cook and other top officials unveiled two new iPhones.

AS IT HAPPENS: Apple’s September event

Aside from the iPhone 5S, a high-end upgrade to the iPhone 5, Apple also fielded a budget model known as the iPhone 5C.

Along with these devices, the release date of iOS 7 was also set for September 18, and would be available for the iPhone 4 and later, iPad 2 and later, iPad mini and the 5th generation iPod Touch.

The iPhone 5C is aimed at competing with rival low-cost smartphones, most of which use Google’s Android operating system.

Some analysts expressed disappointment with the launch. Bank of America said the smartphones would have difficulty competing in the lower-end market “unless Apple is willing to give up subsidy/margin, which it doesn’t typically do.”

Apple shares sank more than $11 to $494.64 by the close of trading on the Nasdaq exchange. – and Agence France-Presse

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