iPhone 16 Sales “Disappointing”

Apple’s stock fell following reports that demand for its new iPhone 16 is significantly below expectations. The stock was trading at $223 on September 13, but by Tuesday’s trading, it had dropped to $215.3.

Reports indicated that sales of the new iPhone 16 in its first week of release were 12% lower than the first week of iPhone 15 sales last year. The main factors behind the weak demand include the lack of new or significantly different features compared to the previous model.

Furthermore, a key feature for Apple, “Apple Intelligence,” will not be available in the new phone at its launch in stores on September 20. Instead, it will be released in October with the launch of the new iOS 18 system, which will be compatible with phones released since 2018.

“Apple Intelligence” will not be available in China until 2025, at a time when Apple is facing stiff competition from Chinese companies that are vying for market share in China.

Apple’s stock fell by about 2.4% after these reports, though it is still up by 12.4% since the beginning of the year.