By Sam Boughedda
Apple Inc (NASDAQ:AAPL) held its first in-person product launch event since before the pandemic Wednesday afternoon with the highly anticipated iPhone 14 launch.
While the iPhone 14 was front and center at the launch event, Apple also announced a raft of other products and updates, including the Apple Watch Series 8 and the enhanced AirPods Pro 2.
The iPhone 14 series includes the general model, the 14 Plus, the 14 Pro, and the 14 Pro Max. Apple said the 14 and 14 Plus models include the A15 Bionic chip with a 5-core GPU, while the 14 Pro and Pro Max are powered by A16 Bionic, the fastest chip ever in a smartphone.
Furthermore, Apple announced new satellite-enabled services for some of its products, with Globalstar (NYSE:GSAT), a satellite communications firm, managing the satellite-powered emergency SOS service.
Apple will pay 95% of the approved capital spending Globalstar makes in connection with the new satellites, according to a filing. It also states that they are expected to make the services available to customers during the fourth quarter of 2022.
Globalstar shares surged following the news earlier today but closed the session down 1.4%.
Reacting to the Apple announcements and event, a Wedbush analyst, who has an Outperform rating and a $220 price target on the stock, said, "the Apple Watch and AirPods have transformed from a rounding error to a significant tangential product segment at Apple."
He added that it speaks to the monetization of a golden 1.8 billion iOS installed base that remains "unmatched globally."
"Taking a step back, launching 3 new core hardware products within the Apple ecosystem despite the biggest supply chain crisis seen in modern history is a major feat for Cook & Co., especially with the zero Covid shutdowns in China seen in April/May," he added.
Commenting specifically on the iPhone 14 launch, the analyst stated they believe the "initial order for 90 million iPhone 14 units out of the gates with Asian suppliers has stayed firm" based on recent checks and will be roughly flat with iPhone 13 despite the "macro storm clouds building."
Apple shares (NASDAQ:AAPL) gained just under 1% in Wednesday's session.