Apple Shares Decline Amidst Announcement of New Services

Shares of Apple Inc. dropped on Monday just as it unveiled new services exclusive to its patrons. The tech company ended the trading day yesterday at $188.74, a 1.21% decline from the previous close, during its two-hour live announcement. Apple introduced new services that are intended to become platforms for accessing news, video streaming, mobile gaming, and financial management.

The iPhone maker’s stock price traded between $191.98 high and $186.60 low, and a 52-week high and low of $233.47 and $142, respectively. Apple’s share volume is now at 43,842,366 with a current yield of 1.53%, and an EPS of $12.16.

Apple News Plus is the first new service revealed by the tech giant boasting the new integration of accessing magazines within the existing app.

“Probably, like many of you, I love the feeling of being at the newsstand with all those beautiful and thought-provoking magazines covering so many topics. We want them all, but we might only be able to get one, or maybe two. But what if we could have them all? Well, today we’re going to do just that. We’re bringing magazines to apple news,” said Apple CEO Tim Cook.

Cook said he believed that magazines are iconic and are a part of our culture.

"We believe in the power of journalism and the impact it will have on your lives," he added.

The tech giant also announced a new financial management system, much like Paypal but exclusive to Apple users, the Apple Card. The Apple Card grants 2% daily cashback for every purchase using the service, and 3% daily cashback for purchases made directly from Apple.

Apple Arcade, which is the first game streaming service that will be available this fall in over 150 countries, was also announced on Monday.

Apple also introduced the new Apple TV app and its subscription service, the Apple TV Plus, which is much like Netflix and Amazon Prime Video, but with Apple originals only. According to Apple, they have partnered with the most accomplished storytellers, and a new generation of the most exciting voices that will define Apple TV Plus as the destination of the highest quality originals.

While Apple’s shares may have dropped, Roku’s, on the other hand, increased to $67.09 after it was revealed that Roku will be one of the new distribution partners for Apple TV along with Amazon and Samsung.

The leader in the smartphone business reiterates that these services will not have any access to the information not willfully given by users, and that their privacy is secured.


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