Apple’s stock plunged after reports that demand for its new iPhone 16 was well below expectations, as the stock was trading at $223 on Sept. 13, while Tuesday’s trading reached the $215.3 level.
Reports released revealed that sales of the new iPhone 16 in the first week of its launch fell short of expectations, down 12% compared to the first week of last year’s iPhone 15 launch.
The main factors of poor demand were that the new phone did not bring new features or completely different from the previous one.
Even the turning point for Apple, Apple Intelligence, will not be present in the new phone while it is sold in stores on the 20th of this month, but will be launched next October, according to what the company said yesterday when it launches the new system update iOS 18, which will be available for phones launched since 2018 until now.
Apple Intelligence will not be in China until 2025, at a time when Apple is witnessing strong competition from Chinese companies competing for market share in the Chinese market.
Apple's stock fell 2.4% after those reports, but was up 12.4% since the start of the year.
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