Apple packed its $1,000 iPhone with augmented reality features, betting the nascent technology will persuade consumers to pay premium prices for its products even as cheaper alternatives abound.
The iPhone X, Apple’s most expensive phone ever, was one of three new models Chief Executive Officer Tim Cook showed off during an event at the company’s new $5 billion headquarters in Cupertino, California, on Tuesday. It also rolled out an Updated Apple Watch with a cellular connection and an Apple TV set that supports higher-definition video.
The event marked the 10th anniversary of the original iPhone and started with a remembrance of the late co-founder Steve Jobs. The product announcements were greeted with enthusiasm but little surprise by analysts, investors and fans of the company’s products. The Watch capabilities pushed Apple shares up more than 1 percent, but the iPhone X had few ground-breaking features that weren’t already telegraphed, and the stock gave up those gains to end the day down 0.4 percent at $160.86.