Apple stock tumbled yesterday in its biggest decline in five months as analysts criticized the newly announced iPhone 5S and iPhone 5C as underwhelming and improperly priced for a major international expansion.
Apple shares closed down 5.4 percent to $467.71.
There were a number of things we all expected, and we're disappointed," said Roger Kay, president of Endpoint Technologies. "People really were expecting a bit more than they got."
Investors had expected a lower price for the iPhone 5C, which will start at $99 on contract and $549 off contract, to appeal to more customers in emerging markets such as China.
Analysts at UBS AG, Bank of America Corp. and Credit Suisse Group AG downgraded Apple's stock, saying the high price will limit sales in emerging markets.
Apple was unwilling to sacrifice profit margins for market share, Kay said.
"There's a lot of trade off between market penetration and margin preservation," he said.
"They aren't trying to compete for the bottom of the market," Sarah Rotman Epps, an analyst at Forrester Research, told Bloomberg.
Facing increasing smartphone market saturation in the U.S. and a commodification of smartphone features, the product announcements failed to impress.
"It's not too bad, it just wasn't that much," Kay said. "It didn't have that element of surprise, the one more thing at the end of the announcement that people got used to under Steve Jobs."
Herald wire services contributed to this report.
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