On Wednesday, Apple Inc. unveiled its latest iPhone which is its largest to date as the Cupertino, California based tech giant attempts to entice its customers to upgrade to devices that are more expensive as global demand slows for smartphones.
The small changes in its iPhone lineup, following the overhaul involved with last year’s iPhone X, were expected by investors and shares of Apple were off 1.2% following the unveiling.
The company’s strategy is a success story, as it’s helped its stock increase by over 30% in 2018 which made it the first U.S. publicly traded company to surpass $1 trillion in market value.
The new iPhone XS, which is pronounced “ten S,” consists of a 5.8-inch screen and will have a base price of $999. The new XS Max, which is the largest iPhone to be released and one of the largest in the smartphone market, has a 6.5-inch screen and its base price is $1,099.
An industry analyst said Apple finally released a phone with a larger-screen in order to compete directly with Samsung’s Galaxy Note 9 lineup of products.
The analyst added that the larger screen version will be important for Apple in China to turn the trend around there, because some market share there has been lost over the past few years, in part due to screen size of the handsets.
The launch was China’s top trending topic across social media, as one conversation related to the launch was read over 890 million times on Sina Weibo the popular microblogging site.
While sentiment online was mixed, one key focus across the board was on the high price, which was a criticism last year when the iPhone X was unveiled.
Apple introduced the iPhone XR a 6-1-inch screen version that is less expensive and made of aluminum that has a base price of $749.
The new iPhone XS Max has a display size 26% larger than the largest previous display on an iPhone, which marks it as the largest screen size increase in four years, said one analyst at the event.
The three top phones this year are more expensive than the models released last year, with two having a $999 base price or higher in the U.S. Analysts believe that Apple has taken advantage of the strong economy, rise in household wealth and low employment in the U.S.