Apple lost market value of $81 billion after revealing iPhone 12

San Fransisco: The Tech giant Apple topple as much as 4% on Tuesday as the company unveiled its latest iPhones 12.

Apple revealed its first 5G lineup of iPhones with four new variants. The iPhone 12 will be available in a 6.1-inch size and as a 5.4-inch variant deemed the iPhone 12 mini. iPhone 12 Pro will be in 6.1-inch and 6.7-inch sizes. The new iPhones will also have more durable screens, upgraded cameras, and a faster processor.

Shares traded were at a slow loss before the event but slid further after the reveal began at 1 p.m. ET. At the stock’s intraday low of $119.65 per share, Apple saw $81 billion wiped out from its market capitalization

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Apple also revealed a smaller and less expensive alternative to its smart speaker the HomePod mini. The new speaker launches in November for $99.

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