Apple shares slid around 2 per cent to close lower on Wednesday after a blockbuster unveiling of new products including the iPhone 6s, iPad Pro and Apple TV.
Investors tend to be cautious in the immediate aftermath of an Apple product launch and the iPhone 6s launch was no different, with the share price slipping 1.92 per cent to close at $110 in New York.
Shares were trading around $111 in the run up to the launch, down on the previous day. Apple stock has yoyoed in recent weeks after a dizzying fall on August 24, also known as Black Monday, when China jitters briefly sent the share price spiralling down to $92.
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But investors remain convinced of the company’s long term prospects. “We believe that Apple has plenty of additional growth drivers which can propel earnings ahead of 2016 street estimates,” analysts at JPMorgan said in a note to investors.
The new generation Apple TV, which features a host of new features including Siri voice recognition and an app store, is expected to drive growth in future.
"We view this next generation Apple TV as the tip of the iceberg," said David H Ives, analyst at FBR. Apple TV is a "core foundation" for the future of Apple content. The introduction of TV streaming services, expected in early 2016, will clear the path for a lucrative content business in the future, he said.
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