Apple Recap: Emerging Market Concerns, China Mobile, and New Tech
Apple (NASDAQ:AAPL) investors are definitely less than impressed with the two new iPhones the company revealed at a special event held Tuesday at its Cupertino, California headquarters. While Apple eschewed habit and released a lower-priced version of the smartphone in a variety of colors in addition to the flagship iPhone, the technological innovations the company introduced alongside the new devices were judged too minimal and not significant enough to keep competitors at bay for long. Shares closed down $26.81, or 5.42 percent, at $467.83. Here’s a cheat sheet to today’s top Apple stories:
Could Pricey iPhone 5C Make Apple Fail in Asia?
When Apple unveiled its much-rumored “low-cost” iPhone at a media event Tuesday, many were mystified when the company revealed that the iPhone 5C would cost $549 without a contract. That’s a much higher price than the $300 to $400 expected, and it won’t help the company much in the emerging markets where it has been struggling due to its lack of a low-cost device.
A report from Forbes claims Apple priced the iPhone 5C so high because the company chose to focus on margins over market share, which could have disastrous results for Apple’s growth in emerging markets. Low-cost devices from Samsung (SSNLF.PK) and others powered by Google’s (NASDAQ:GOOG) Android operating system have been incredibly popular in emerging markets like Asia, where customers often have to pay full price for smartphone devices… (Read more.)