Apple shareholders enjoyed a Wall Street boost on Wednesday, one day after CEO Tim Cook unveiled the company’s latest slate of iPhones, as well as the launch date and price for its upcoming streaming service, at the company’s annual product launch event in Cupertino, California.
Apple’s stock increased 3.18% on the day, closing at $223.59 per share. The mini-leap helped push Apple’s market cap slightly past the $1 trillion threshold for the first time this year and put the company within striking distance of its all-time high of about $233 per share. Apple became the first company to hit the $1 trillion valuation mark in August 2018; it was later joined by Amazon and Microsoft in the trillionaire’s club — with the latter still enjoying a slight market cap advantage over Apple.
The stock bump follows the official showcasing of several iterations of the new iPhone 11 a day earlier. The standard iPhone 11 will cost $699 — or about $50 less than the iPhone XR, the phone it’s replacing — while the iPhone 11 Pro will cost $999 and the iPhone 11 Pro Max will run $1,099. The latest edition of Apple’s trademark products comes with an improved battery, faster chips and a better camera.
Cook also shared Apple TV+, its new streaming service, will cost $4.99 per month when it launches on Nov. 1. Apple TV+ will debut with one documentary film and eight original series, including “The Morning Show,” a glitzy drama starring Reese Witherspoon, Steve Carrell and Jennifer Aniston in her return to TV.
While Cook touted Apple’s new original shows as “stories to believe in, stories with purpose,” some industry experts believe the service’s lack of content could hamper its growth.