Apple Shares Slump as Analyst Warns of Weaker iPhone 16 Demand

Lower-than-expected appetite for iPhone 16 Pro series: Kuo
Pre-order sales began on Friday for the new iPhone edition

The Apple iPhone 16 Pro and Pro Max at Apple Park campus in Cupertino, California, on Sept. 9.Photographer: David Paul Morris/Bloomberg

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By Matt Turner and Subrat Patnaik

September 16, 2024 at 1:40 PM UTC

This article is for subscribers only.

Apple Inc. shares fell Monday after a closely followed analyst warned that demand for the firm’s new iPhone 16 Pro model has been lower than expected.

Pre-order sales, which began Friday for the phone, have tallied an estimated 37 million units, TF International Securities analyst Ming-Chi Kuo wrote in a report. That’s down almost 13% from last year’s iPhone 15 launch and is a result of weaker-than-anticipated interest in the Pro model of the iPhone 16, says Kuo.