Apple shares lifted by report on iPhone launch
Apple shares gained Monday after a report saying the California tech giant was set to announce its next iPhone at a September 10 event.Updated: Aug 13, 2013 02:52 IST
Apple shares gained Monday after a report saying the California tech giant was set to announce its next iPhone at a September 10 event.
Apple shares closed up 2.84% at $467.36.
The Dow Jones news website AllThingsD reported Sunday that Apple scheduled an event next month where it will announce its newest iPhone in an effort to regain ground lost to Samsung and other smartphone makers.
Speculation has centered around whether Apple will shift its strategy to include a lower-cost handset to appeal to more consumers, especially in emerging markets.
Trip Chowdhry, analyst at Global Equities Research, said Apple appeared to be preparing "to declare thermo-nuclear war on Android," referring to the Google mobile operating system which has become dominant in the smartphone market.
Chowdhry said the launch "may be massively successful and probably one of the most successful launches."
"If Apple launches a cheaper iPhone, Apple will immediately gain market share against Android, as in many parts of the world, consumers are not well informed and are buying Android phones thinking that they are buying a cheaper iPhone," he said in a note to clients.
A recent IDC survey showed Apple's share of the global smartphone market slipped to 13.2% in the second quarter, from 16.6% a year ago, while Android's share rose to 79.3%.
First Published: Aug 13, 2013 02:50 IST