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Apple Drops 2.2% in After Hours As it Unveils High Price Tag For New AR Set
While Apple’s highly-anticipated Vision Pro headset offers an impressive array of features, its very high price tag seemingly made many investors wary.
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After a decade of waiting and several delays, Apple unveiled its new mixed reality headset on June 5th. While there has been much excitement surrounding the product, the headset’s higher-than-expected price tag sent the tech giant’s stock price into a decline in after-hours trading.
Vision Pro’s Price Set at $3,499
This Monday, the tech giant Apple unveiled its highly-anticipated mixed reality headset Vision Pro. This is the first major addition to the company’s roster of products in nearly a decade and has reportedly been in the works for seven years.
In the lead-up to the announcement of the virtual reality (VR)/augmented reality (AR) headset, Apple’s shares were on a steady rise and even reached a new all-time high at nearly $185.
The price of the tech giant’s stock, however, declined to approximately $179.43 in after-hours trading as the new product was revealed to be even higher than expected. Instead of the anticipated $3,000, Vision Pro’s price has been set at a steep $3,499.
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Tim Cook Says Vision Pro is “the Beginning of a Journey”
Considering that the price of Apple’s new headset is not only higher than that of the second most expensive one on the market but also above the already-high anticipated one, it isn’t surprising that the sales expectations for it in its first year are somewhat modest.
The CEO of the tech giant, Tim Cook, stated that Vision Pro represents “the beginning of a journey”. Generally, it is estimated that about 200,000 units will be sold upon the headset’s launch in early 2024.
Vision Pro also boasts an impressive set of high-end features including spacial audio, a 3D-like camera, and micro-OLED displays. Additionally, its VisionOS will use the same framework iOS and iPad OS making it likely it will be compatible with many of the already-existing apps.
Do you think Apple will find a similar degree of success with Vision Pro as it did with the iPhone? Let us know in the comments below.
Tim Fries
Tim Fries is the cofounder of The Tokenist. He has a B. Sc. in Mechanical Engineering from the University of Michigan, and an MBA from the University of Chicago Booth School of Business. Tim served as a Senior Associate on the investment team at RW Baird's US Private Equity division, and is also the co-founder of Protective Technologies Capital, an investment firm specializing in sensing, protection and control solutions.
