iPhone 16 Sales Slump Wipes $939 Billion Off Apple's Value Amid Cool Consumer Reception
1min read Apple's market value took a significant hit as shares dropped 2.78% in trading, erasing approximately $939 billion. This downturn was influenced by lower-than-anticipated pre-order numbers for the newly launched iPhone 16 series. Analyst expectations had estimated that the first weekend of pre-order sales would reach about 37 million units, marking a 12.7% decrease compared to the previous year's iPhone 15 series. The primary shortfall appears to stem from weaker demand for the iPhone 16 Pro models.
Further complicating the issue were delays in shipping times for the iPhone 16 Pro series, which analysts suggest reflect lower-than-expected consumer demand. While initial preparations for pre-orders had increased, the reduced first weekend sales highlight a significant demand shortfall. Although there was a noticeable increase in pre-orders for the iPhone 16 Plus and iPhone 16 models, it was insufficient to boost overall shipment figures.
The pre-order process was not without its challenges. The Apple website experienced significant traffic, leading to a temporary crash and making headlines on social media. Despite the technical issues, the iPhone 16 Pro Max saw strong interest, quickly selling out in both Apple’s official channels and third-party platforms like JD.com. In contrast, the standard iPhone 16 versions experienced a much cooler reception, with ample stock still available hours after pre-sales began.
Insiders note a shift in the market's reception of new Apple products. Historically, new iPhone models could command substantial premiums on resale markets. However, this year's launch saw only modest mark-ups, particularly for the higher-end Pro and Pro Max models, ranging from $50 to $400. This trend underscores a growing sentiment that Apple's new releases may lack the innovative appeal that once fueled consumer excitement.