- Apple fell Monday after the company made a series of announcements at a special event at its Steve Jobs Theatre in California.
- The company unveiled a widely expected streaming service to compete with the likes of Netflix.
- Apple also announced a new gaming service and a physical credit card called the Apple Card.
- Watch Apple trade in real-time.
Apple shares fell nearly 2% Monday afternoon as the company unveiled a series of new offerings, including its widely anticipated streaming-television service, at a special event in Cupertino, California.
The iPhone giant’s announcements included a new gaming service, a physical credit card in partnership with Goldman Sachs, and a streaming service to compete with the likes of Netflix.
Apple also unveiled Apple News+, its new magazine service, which will include digital outlets and newspapers.
The news comes as the Tim Cook-led tech company moves to ramp up its services business amid slowing iPhone sales.
In the fourth-quarter, Apple recorded its biggest iPhone sales decline in nearly three years, according to Gartner data. The company’s forecast for second-quarter sales was also grim, coming in at came in at the low end of expectations.
Apple was up 19% this year, including Monday’s loss. However, its down about 19% from its record high set in October.
Now read more Apple coverage from Markets Insider and Business Insider:
- LIVE: Apple unveils its vision for the future of television
- Apple’s rumoured Stamp lay acquisition will bolster its payment products
- ‘Apple will be next:’ Google’s big plan to upend the video game industry could be a ‘preemptive strike’ against Apple, analyst says
Business Insider Emails & Alerts
Site highlights each day to your inbox.