Topline
Apple will hold its annual iPhone launch event on Wednesday—its first featuring new CEO John Ternus—where it is expected to announce price hikes for new models, including a new foldable iPhone rumored to cost around $2,000.
The launch event featuring new CEO John Ternus will take place on Wednesday.
WireImage
Key Facts
Ternus is expected to debut the foldable iPhone, which Bloomberg reported will be called the iPhone Duo, at the event—its first major update to the physical structure of the iPhone since the company removed the circular home button starting with the iPhone X in 2017.
Last year’s highest end iPhone—iPhone 17 Pro—costs $1,099, but analysts predict Apple could raise prices for high end models by up to $200, the Wall Street Journal reported.
Apple’s stock price slightly fluctuated on Wednesday morning after markets opened, but the tech company’s share price is up over 16.8% year-to-date.
Apple has already raised prices on products multiple times this year, including MacBook laptops in March and June, and Cook previously told the Wall Street Journal further price hikes were “unavoidable” due to skyrocketing prices for memory chips, which the former CEO called a “hundred-year flood.”
What to Watch For
Apple’s launch event begins at 1 p.m. EDT. Viewers can watch the event live at Apple’s website or through the Apple TV app. Apple is usually secretive about their products before their launch events. In a memo sent to employees last week obtained by Bloomberg, Ternus said very little about the upcoming showcase, other than the fact that he was “excited” about the company’s new products. “We have a huge launch next week that’s going to be phenomenal. Thanks for everything you’ve all done to make it possible,” the new CEO wrote.
Key Background
Ternus, Apple’s former senior vice president for hardware engineering, officially took over for Cook last week. Cook’s tenure as CEO was much quieter than his predecessor Steve Jobs, but he managed to turn Apple into one of the most valuable companies in the world. Apple’s share price has risen over 2,000% since he took over in 2011. The company managed to ship over 3.1 billion iPhones since 2011, according to analysis by the Financial Times, and sales for the device now account for half of Apple’s revenue.
Leave a comment