Apple's First Foldable Smartphone
Apple has unveiled its first foldable smartphone, the iPhone Duo, in a launch event livestreamed from the Steve Jobs Theater at its Cupertino, California headquarters. This marks the company's first major product launch under new CEO John Ternus, who took over on September 1.
Design and Features
The iPhone Duo is designed like a passport and features a large display that can be used both horizontally and vertically. When folded, it has a smaller single screen on the front. According to Apple, when open, it is the company's thinnest phone.
Market Reaction
Despite the anticipation surrounding the launch, investors gave a tepid response. Apple shares fell 1.4% to $311.92 as of 2:11 p.m. in New York.
Leadership Transition
The launch event marked a significant moment for Ternus, who took over as CEO after Tim Cook. In a video message, Cook handed over the leadership baton to Ternus, saying, "Not me. That's your guy," as he pointed to Ternus.
Significance
The iPhone Duo represents a significant overhaul of Apple's flagship product since the removal of the physical home button from the iPhone X in 2017. The iPhone generated $209.6 billion, or just over half of Apple's sales, in its most recent fiscal year.