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January 30, 2018

Lackluster demand for $1,000 iPhone X

SAN FRANCISCO (AP) — Apple's stock is backtracking from its recent highs amid mounting concerns that iPhone X sales will fall short of the high hopes for a device that brought facial recognition technology and a $1,000 price tag to the company's flagship product line.

Speculation about disappointing demand for the iPhone X have been swirling for the past week, contributing to a 6 percent decline in Apple's stock since it hit an all-time high of $180.10 on Jan. 18. The shares lost $3.55 to close Monday at $167.96, translating into a nearly $60 billion loss in the company's market value since the stock last peaked.

Concrete evidence of how the iPhone X is faring should emerge Thursday when Apple is scheduled to release its fiscal first-quarter earnings. The period spans from October through December, covering the early November release of the iPhone X and the holiday shopping season that typically brings Apple's biggest iPhone sales of the year.

Apple didn't respond to a request for comment Monday.




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