Apple Delaying 5G iPhone Launch Event To At Least Late October: Report

Apple Inc. AAPL is reportedly delaying the annual fall event, where it's widely expected to launch 5G compatible iPhones, to late October or November.

What Happened: The new iPhone 12 series, equipped with 5G wireless technology, is delayed due to manufacturing delays related to the novel coronavirus (COVID-19) pandemic, Fox Business reported, citing a report from Japanese publication Mac Otakara.

Apple is expected to launch four varients of the iPhone 12.  According to Mac Otakara, the LTE ‌models will be released first in October, followed by 5G models in November.

Why It Matters: Apple was previously reported to be pushing its suppliers to speed up production in order to avoid a delay in the launch of the new iPhone models. MacRumors noted the company may still chose to unveil the series in September, but delay the actual launch to November.

Wedbush analyst Daniel Ives said last month that a " major 5G cycle was on the horizon" for Apple, with 350 million devices in an upgrade window. According to Ives, the Cupertino-based company is likely to keep to the schedule, and launch the iPhones ahead of the holiday season in October.

Price Action 

Apple shares closed 4.5% lower at $371.38 on Thursday. The shares traded about 0.3% higher in the after-hours session.