Apple shares fall after news iPhone X sales will occur in next fiscal year


Apple Inc.
AAPL, -0.59% stock fell nearly 1% in late afternoon trading as news emerged that sales of its much-anticipated iPhone X will occur in the next fiscal year.
Apple executives announced Tuesday that the new iPhone X, priced at $999, will be available for pre-order in October, and not delivered until Nov.
This will enable the tech giant to generate holiday shopping sales but not make the September deadline to include its revenue in this fiscal year.
Shares were up more than 1% during the event but fell as proceedings drew to a close.
Along with the new iPhone X, executives announced an iPhone 8, and, iPhone 8 Plus, as well as a new watch that includes cellular connectivity.
Many of the announcements were expected after a massive leak late Friday evening of the forthcoming iOS 11 software.
In the last three months, Apple stock has climbed 10.2%, with the S&P 500 index SPX, +0.30% gaining 2.6%.
The Dow Jones Industrial Average DJIA, +0.24% of which Apple is a component, gained 4.1%.
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