Apple Inc. (NASDAQ:AAPL) is experiencing lower than anticipated demand for its iPhone 16 Pro and Pro Max models during the first weekend of pre-orders, according to top analyst Ming-Chi Kuo.

What Happened: Kuo reported on Sunday that the initial pre-order sales for the iPhone 16 series have reached approximately 37 million units. However, the Pro series has not met expectations.

Kuo's analysis is based on a recent supply chain survey and pre-order data from Apple's official websites. He noted that the average delivery times and shipment volumes before pre-orders suggest a weaker demand for the Pro models.

The analyst's findings indicate that while the overall sales figures are robust, the Pro and Pro Max variants are not performing as strongly as anticipated. This could have implications for Apple's revenue projections for the new iPhone lineup.

Why It Matters: Apple introduced the iPhone 16 series at the "Glowtime" event, emphasizing its new AI capabilities. The iPhone 16 series features Apple Intelligence, a beta AI software initially showcased at WWDC and previously limited to the iPhone 15 Pro models.

The iPhone 16 series has also faced stiff competition in China, the world's largest smartphone market. Some Chinese consumers have expressed disappointment over the lack of AI features in the new iPhone, with some opting to purchase Huawei's tri-fold phone instead.

Apple also announced a price increase for battery replacements for the iPhone 16 Pro and Pro Max models. The cost has risen by $20, making the new price $119, while the price for battery replacements in the standard and "Plus" models remains unchanged.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Apple