In its annual keynote event held every Fall, Apple introduced the new iPhone 11 to the public, but undoubtedly the most remarkable highlight of the event was the announcement of new radical changes to the company's price policy. The new model is going to have a price tag of $699, which is going to be $50 less than last year's iPhone XR, which was initially offered for $749.
The Silicon Valley giant’s announcement was expected by multiple market analysts as the continuation of the trade war between China, so the US weighs in heavily on many tech companies and Apple is not an exception. The multinational conglomerate's revenue streams were impeded from the high taxes that the two countries have been imposing on each other, and in this international environment of stagnating trade and waning investments Apple's expensive products have been progressively losing their competitiveness.
“The biggest news from the Apple launch was the price cut for iPhone 11. We view this as an admission that Apple stretched too far with the price points at last year’s launch.” [source] Chris Caso, an analyst at Raymond James & Associates, who was cited by Bloomberg media, wrote in a note to investors.
Thus, the company expects to regain its former market power by betting on quantity for its new product and also by reducing its price. Phil Schiller, Apple’s senior vice president of Worldwide Marketing, commented on the announcement of the new iPhone 11 by saying:
“With the tight integration between hardware, software and services, the advancements in iPhone 11 bring an unparalleled user experience at an affordable price to even more customers. We think people will love it.” [source]
The share price of Apple Inc. did not register any significant gains during today's market open and is currently trading at 217.55 dollars per share, which is just above the significantly important resistance level of 216.73.
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