Apple Leaps to Fourth in WSB Rankings Amid Stock Slump and iPhone 16 Challenges
1min read Apple has climbed to the fourth position in the latest WSB ranking, marking a nine-place improvement from the previous day. Despite this positive shift in ranking, the tech giant's stock performance has recently been less than stellar. Apple shares dropped 2.78% on the previous trading day, marking a two-day decline of 2.90%. The stock hit its lowest intraday level since August 2024.
Significant losses in market capitalization were recorded as Apple's valuation fell by $939 billion. This comes amid a mixed performance within the broader tech sector, where peers like Intel saw gains, further emphasizing the pressure on Apple.
Analysts have suggested that the lukewarm demand for the iPhone 16 Pro series may be a contributing factor. Initial sales figures indicate pre-order numbers for the iPhone 16 series were around 37 million units in the first weekend, a decline of approximately 12.7% compared to the previous year's iPhone 15 series. The standard iPhone 16 and iPhone 16 Plus did see some growth, but it was insufficient to boost overall shipment numbers significantly.
The launch of the iPhone 16 series was met with technical difficulties, as Apple's website faced outages due to high demand. Reports noted that the iPhone 16 Pro Max was sold out almost immediately upon release, highlighting its popularity despite broader concerns over demand.
In contrast, the iPhone 16 standard model faced a slower uptake, with available stock persisting after the launch. This trend was also observed on other platforms like JD.com, where the Pro Max sold quicker than its standard counterpart.