Consumer electronics giant Apple (AAPL) on Tuesday introduced its 15th-generation smartphones, the iPhone 13 series. The new handsets feature brighter displays, faster processors and improved cameras. But Apple stock fell on the news.
The iPhone 13 handsets also boast better battery life and come in several new colors, including pink and “sierra blue.”
The company showed off four new model iPhones, which are incremental upgrades to last year’s iPhone 12 series. The new handsets are the iPhone 13, along with Mini, Pro and Pro Max models. The iPhone 13 is Apple’s second-generation 5G wireless phones. Like last year’s models, the new smartphones come in display sizes of 5.4, 6.1 and 6.7 inches.
The Pro models feature Hollywood-grade filmmaking capabilities, the company said. They sport wide, ultrawide and telephoto cameras. The improvements allow for better low-light and close-up photography and “cinematic mode” video.
The iPhone 13 starts at $699 for the Mini model and $799 for the regular model. The Pro model starts at $999 and the Pro Max model begins at $1,099. The new handsets will be available beginning Sept. 24, with preorders starting Friday.
Apple Stock Drops During Event
Earlier in the online event, Apple debuted its latest smartwatches. The Apple Watch Series 7 wearables have larger, brighter displays with faster charging. They’re also more durable than their predecessors.
The Series 7 watches have nearly 20% more screen area than the Series 6 watches. But the overall case sizes are only a tad larger. The Series 7 watches start at $399 and will be available later this fall.
Apple also introduced new versions of the standard iPad and the iPad Mini tablets.
Apple kicked off its “California Streaming” event with a preview of upcoming Apple TV+ shows. It showed clips from the second seasons of dramas “The Morning Show” and “See.” It touted upcoming science-fiction series “Foundation” and “Invasion.” Plus, it provided a glimpse of “The Problem with Jon Stewart,” “The Shrink Next Door” and the Tom Hanks sci-fi movie “Finch.”
“What a spectacular set of announcements,” Chief Executive Tim Cook said at the conclusion of the 80-minute event. However, investors were unimpressed.
On the stock market today, Apple stock fell 1% to close at 148.12.
Friday’s federal court ruling that called Apple’s App Store policies anti-competitive threatened to overshadow the event. Apple stock fell 3.3% on Friday. On Monday, it rose 0.4% to 149.55.
Follow Patrick Seitz on Twitter at @IBD_PSeitz for more stories on consumer technology, software and semiconductor stocks.
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