Apple shares decline after unveiling of iPhone 16 series

Apple's stock posted a decline in pre-market trading on Tuesday, following the tech giant's unveiling of its new iPhone 16 series late Monday. As of 1315 GMT, Apple's share price dropped 0.87%, trading at $218.99 per share before the market opened.

Apple introduced four new models in the iPhone 16 series: iPhone 16, iPhone 16 Plus, iPhone 16 Pro, and iPhone 16 Pro Max. The devices feature new customizable action buttons and are built around artificial intelligence (AI) capabilities. However, users expressed dissatisfaction as the AI features are not yet fully available and will be rolled out at the end of the year and into 2025 for different regions and languages.

In a separate development, the European Union's highest court on Tuesday ordered Apple to pay €13 billion ($14.3 billion) in back taxes to Ireland, concluding a decade-long legal battle.

Meanwhile, Apple rival Huawei unveiled the world's first three-folded mobile device, the Mate XT, on Tuesday.