Apple’s (NASDAQ:$AAPL) stock traded down to $150.95 today, a drop of 1.69%. Friday is also the first day of availability for the new iPhone 8 and 8 Plus.

This continues the trend that began when the company announced the iPhone X, a new project, on September 12. Shares dropped since the launch event by $11.91, a startling 7.07%, equalling a total loss of about $61 billion in value.

Friday sees the release of the iPhone 8 and 8 Plus, with the flagship iPhone X to release later this fall on October 27. The delay was caused by a lack of components that were needed in order to meet demand.

Speaking of which, demand for the new iPhones has been a subject to much debate among analysts. It is clear that Apple will likely follow the regular ‘supercycle’ of upgrades for its new release. However, it is unclear whether consumers will prefer the redesigned but pricier iPhone X, or the recently released iPhones 8 and 8+.

The $1,000 price tag on the iPhone X has caused many to speculate that it will be too expensive for the average consumer.

Apple is also facing some competition in the high-end phone space. Google (NASDAQ:$GOOGL) and HTC (OTCMKTS:$HTCKF) have partnered up to help boost Google’s hardware division, a move many are seeing as a step towards the release of an iPhone competitor from the web giant. This announcement also caused a 1.5% decline in Apple’s stock when it was announced.

Featured Image: depositphotos/fazon1