Apple shares took a hit on Wednesday following bad reviews of the Apple Watch Series 3, a new smartwatch that investors had hoped would be a big seller.
The consumer technology giant’s shares fell 1.7% to $156.07 at the close of regular trading.
The Apple Watch Series 3, which Apple debuted last week, received several negative reviews on Wednesday based on its troubles connecting to LTE networks. The version of the watch that comes with cellular connectivity costs $400 in addition to a $10 monthly fee for the cell service.
Several reviewers found that their Apple Watches struggled to connect to cell networks, a problem that undermines a key selling point for the device. Apple marketed the smartwatch as its first that can directly connect with LTE, making it unnecessary to tether it to an iPhone’s connection like was required with previous versions.
Tech publication The Verge noted that the Apple Watch sometimes tries to connect to Wi-Fi networks instead of wireless carrier networks. Apple said in a statement that it is “investigating a fix for a future software release,” but it did not say when the release would be available.
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Investors are hoping that the new Apple Watch would become Apple’s next big hit beyond the iPhone, iPad, and computers. The negative reviews and technical issues appear to have spooked investors, who had generally been optimistic about the device’s prospects.