Apple unveils iPhone 7, stock price falters

Pokemon Go game coming to upgraded Apple Watch

Reuters

Phil Schiller, senior vice president of worldwide marketing at Apple, discusses the iPhone7 during an Apple media event on Wednesday in San Francisco, Calif. The company has removed the analog headphone jack, as was widely expected.
Reuters Phil Schiller, senior vice president of worldwide marketing at Apple, discusses the iPhone7 during an Apple media event on Wednesday in San Francisco, Calif. The company has removed the analog headphone jack, as was widely expected.

Apple unveiled its new water and dust-resistant iPhone 7 with high-resolution cameras at its fall product event on Wednesday, and said a Super Mario game was coming to the new phone and Pokemon Go would feature on its upgraded Apple Watch.

The excitement at the Bill Graham auditorium in San Francisco was not matched on Wall Street, where Apple’s stock was down 0.3 percent. However, Nintendo’s U.S.-listed shares jumped more than 20 percent to trade around $35 on hopes its games would reach a new audience.

The world’s best-known technology company said the iPhone 7 would have one, zooming 12-megapixel camera and the ‘Plus’ edition would feature two cameras.

Apple also removed the analog headphone jack, as was widely expected.

The new headphones supplied by Apple with the phone will plug into the same port as the recharging cord, but it also will work with Apple’s new wireless headphones, called Air Pods.

In a tweet that was subsequently deleted, Apple said the phones would be available Sept. 16.

The company typically gives its main product, which accounts for more than half of its revenue, a big makeover every other year and the last major redesign was the iPhone 6 in 2014. The modest updates suggest that this cycle will be three years.

“It looks like part of the reason they are keeping the design the same this year is there are bigger changes they are working on for next year,” said analyst Jan Dawson of Jackdaw Research.

Sales of the iPhone dropped two quarters in a row this year, the first declines in the history of the device.

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Apple said its Apple Watch Series 2, with a swim-proof casing, will be available in more than 25 countries starting on Sept. 16.

“I predict Watch sales will improve dramatically,” said Tech analyst Patrick Moorhead. “Most of the current Watch owners are early adopters and the next wave could be 10 times the size of that market.”

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