Tech

Apple Stock Tumbling Because New ‘Cheap’ iPhone is Way Too Expensive

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The cost of the iPhone 5C could have impacted Apple stock (Getty)

Apple’s new iPhone 5C, originally believed to be a budget iPhone, may have sent Apple stock tumbling 5 percent after the company announced the actual price of the new smartphone. For U.S. customers, the device will be available for two different models. One version of the new phone can be bought at $99 with 16 GB of memory while its counterpart will be sold for $199 at 32 GB.

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After this announcement, Apple stock shot down and began a mixed trading session today. The cost of the iPhone 5S is very close to its sibling since it has three different versions sold at similar prices.

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It was believed that iPhone 5C would help support Apple’s ambition in overtaking emerging markets but these prices seemed a little too high. Adding more insult to injury, Tim Cook and his company are setting up a partnership with China Mobile. The carrier was planning on selling these phones in the country since it would be a lucrative market for Apple. However, China web users declared that this phone was way too expensive possibly hurting the chances that iPhone 5C can succeed over the iPhone 5S. According to the New York Times, the price of the iPhone 5c in China will be $733 which caused angry consumers to flock online and protest this latest invention from Apple. Based on how the stocks perform for the rest of the day, Apple may have a big issue on its hands.

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This is Apple’s stock as of 3:46 PM EST.

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Apple announced the iPhone 5C as one of the new iPhones for the fall.

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