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It was opening night for Tim Cook as CEO of Apple. He had a tough act to follow: the legendary Steve Jobs.
As Bhuvnesh Chawla said to FirstPost Tech on Twitter before the announcement:
"media would be judging star of the evening -Tim Cook or iPhone5"
The flash verdict is in – the stock market reviewed Cook's debut and they think he flubbed his lines.
Apple's stock dropped like a fainting diva after the company failed to deliver an iPhone 5, instead announcing only an upgraded iPhone 4. To get a sense of why markets are so disappointed, let's look at a study from inMobi ahead of the launch announcement.
It Pro Portal said the study found:
"BlackBerry users are, according to the study, the most enthusiastic new customers. 52 per cent of them will make the switch to the iPhone 5, but only 28 per cent would buy an iPhone 4S if that model hits the shelves . Even if owners of Android devices seem more loyal, 27 per cent of them plan to switch sides when the iPhone 5 is comes to the market, but only 11 percent are interested in an iPhone 4S."
That's why Apple's stock was down 5 per cent at one point after the announcement. Apple definitely underwhelmed, and the failure of the company to release another game-changing design at the first launch announcement after Steve Jobs announced he was stepping down as CEO will filtered through fears that, without his obsessive drive, the company will lose its edge. Steve Jobs was about inspiring design, not about faster hardware stuffed into last year's gadget.
As Bhuvnesh Chawla said to FirstPost Tech on Twitter before the announcement:
"media would be judging star of the evening -Tim Cook or iPhone5"
The flash verdict is in – the stock market reviewed Cook's debut and they think he flubbed his lines.
Apple's stock dropped like a fainting diva after the company failed to deliver an iPhone 5, instead announcing only an upgraded iPhone 4. To get a sense of why markets are so disappointed, let's look at a study from inMobi ahead of the launch announcement.
It Pro Portal said the study found:
"BlackBerry users are, according to the study, the most enthusiastic new customers. 52 per cent of them will make the switch to the iPhone 5, but only 28 per cent would buy an iPhone 4S if that model hits the shelves . Even if owners of Android devices seem more loyal, 27 per cent of them plan to switch sides when the iPhone 5 is comes to the market, but only 11 percent are interested in an iPhone 4S."
That's why Apple's stock was down 5 per cent at one point after the announcement. Apple definitely underwhelmed, and the failure of the company to release another game-changing design at the first launch announcement after Steve Jobs announced he was stepping down as CEO will filtered through fears that, without his obsessive drive, the company will lose its edge. Steve Jobs was about inspiring design, not about faster hardware stuffed into last year's gadget.
