Apple is falling after unveiling its credit card and streaming service

  • 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.

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