Apple Inc's (NASDAQ:AAPL) annual fall product event on Tuesday revealed three new iPhone models, launch dates and pricing for its streaming service Apple TV+ and Apple Arcade, a new $499 Apple Watch Series 5, as well as a refreshed iPad.
Out are the iPhone XS, XS Max and XR, and in are the $999 iPhone 11 Pro, the $1,099 iPhone 11 Pro Max and the $699 iPhone 11. All the devices are available for pre-order starting on Friday at 5 am PDT and will start shipping September 20.
In an analyst note published Tuesday, Wedbush predicted that the coming phone upgrade cycle could generate 180 million iPhone sales over the next 12 to 18 months, with a huge chunk of that coming from users in China.
Apple also revealed that its streaming TV service will launch on November 1 and cost $4.99 a month in an announcement on its website ahead of the annual Fall launch event.
The Cupertino, California-based company said Apple TV+ will be available in 100 countries and buyers of an iPhone, iPad or Mac will get a free year of streaming television service.
The price point drew praise from the analysts at Wedbush, who maintained their Outperform rating and $245 price target for the company.
"The pricing of Apple’s streaming TV service at $4.99 per month is a 'show stopper' and a major shot across the bow at the likes of Netflix and Disney among others," the analysts said. "Clearly Cupertino is looking for market share coming out of the gates with these surprising price points that we loudly applaud."
Apple stock edged up 0.3% to $214.79, while Netflix dropped 2.2% to $287.99 and Disney fell 2.3% to $135.71.
Apple also announced the upgraded new seventh-generation iPad, starting at $329, featuring a 10.2-inch Retina display and innovations including Apple Pencil2 support, the fast A10 Fusion chip, and advanced cameras and sensors.
The group said the new iPad, its most affordable yet, is available to order from today and will be in stores starting Monday, September 30.
And the company said the new Apple Watch Series 5 features an innovative new display that allows the time and important information to remain visible at all times.
—Updated to include additional product details, comment from analysts and stock movement—
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