Just a fortnight after the spectacular launch of its new products, iPhone 6 and iPhone 6 Plus, Apple Inc (NASDAQ:AAPL) was so overcome with snafus related to these latest models that the adverse impact was manifested in multiple aspects ranging from the company’s CEO to its shares.
Thursday, 24th September, 2014, turned out to be instrumental in turning around the fortunes of the company as Apple Inc (NASDAQ:AAPL) shares tumbled to create a new 50-day moving average. This fall was attributed to users complaining of the non-viability of iOS 8 which graces the new phones as also complains that on being tucked into back pockets, the device was susceptible to bending backwards.
Poised at $98.66, the shares have already registered a decline of 3% with the trade volume being 60 million and the value having broken the 14-day average although it is hovering around the 50-day average mark. To salvage the situation, Apple Inc (NASDAQ:AAPL) has released an update pacifying users that the software package will soon be replaced by an alternative which would be much more viable.
Also under fire is Apple Inc (NASDAQ:AAPL)’s CEO Tim Cook’s jinx with product releases wherein he has had to apologize after a superb and well-orchestrated launch. Prior to iPhone 6 and iPhone 6 Plus, Mr. Cook had to issue an apology in 2013 about policies pertaining to warranty and repair of its gadgets in China. 2012 also called for a similar incident wherein he had to say sorry for the malfunction of mapping software that had caused many users to become victims of wrong directions and misplaced landmarks.
Reaction to the situation is varied and the following comment by a user named Jason Nicholson is critical of Apple Inc (NASDAQ:AAPL)’s CEO when it says –
“I just wish that Tim Cook had a better handle on things. I was worried that my daughter’s school was going to call me today and I wasn’t going to be able to get them.”
There are some who have expressed support too and Frank Gillett of Forrester Research says –
“Apple is a bit of lightning rod or a focus because as a company, they inspire a lot of positive and negative passion and also because they are now this company with a global brand and global reach.”
This article has been written by Vinita Basu.
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