SAN FRANCISCO (AP) — The latest news on iPhones and other products from Apple’s event in San Francisco, which is expected to start at 10 a.m. PDT on Wednesday.
All times are PDT.
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8 a.m. PDT (11 a.m. EDT)
Apple investors are hoping that new iPhones and other products expected Wednesday will boost the company’s stock.
Apple isn’t saying what the event in downtown San Francisco is about, but the company usually announces new iPhones around this time.
Apple’s stock has fallen as investors fret over whether the company can duplicate the phenomenal sales growth it saw after introducing last year’s iPhone 6 and 6 Plus.
In a note to clients, FBR Capital Markets analyst Daniel Ives says the event is critical “for Apple to help turn the negative investor tide, and help lay out its growth vision for the next year.”
Analyst Amit Daryanani of RBC Capital Markets says the announcements should be “a positive catalyst” for Apple shares.
But Maynard Um of Wells Fargo Securities says many investors already have “low expectations.” Um says this year’s iPhones aren’t expected to be dramatically different from last year’s models.
— Brandon Bailey, AP Technology Writer
7:30 a.m. PDT (10:30 a.m. EDT)
New iPhones expected from Apple on Wednesday come amid questions about whether the company can sustain growth for its best-selling device.
Apple sold more than 74 million iPhones in the first three months after it released the super-sized iPhone 6 and 6 Plus models last year. That’s 46 percent more phones than it sold in the same period a year earlier. To get that same 46 percent increase, Apple would have to sell more than 108 million iPhones in the next three months.
Jerry Kim, a Columbia University management professor, says the expectations might seem unfair, but Wall Street “will definitely be disappointed if they can’t break another record next quarter.”
Apple CEO Tim Cook has said he believes there is still room for iPhone sales to expand. He’s told analysts that an increasing number of iPhone buyers are people who used to own devices running Google’s Android software.
Research firm Kantar Worldpanel says many iPhone owners have older models, suggesting they may be ready to upgrade to a newer iPhone in the coming months.
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