Apple shares extended their decline during the latest trading session as the company unveiled a new iPhone and other products at an event in Cupertino, California.
During the session, the stock fell 1.67% from the previous day’s close, with the intraday low reaching $310.67 per share. The drop later eased to 1.32%, leaving the shares trading at $312.07.
According to Bloomberg, the event was not only about new devices. It also served as a global introduction for Apple’s new chief executive officer, John Ternus. He took office on September 1, replacing Tim Cook, who is now executive chairman of the board.
Under Cook’s leadership, Apple’s annual revenue rose to nearly $500 billion, while the company’s share price gained about 2300%.
In July, Apple became the second company to surpass a market value of $5 trillion. Nvidia was the first.
