By Chantal Walsh
$Apple (AAPL.US)$ unveiled its highly anticipated iPhone 16, Apple Watch Series 10, and AirPods 4 on Friday, drawing crowds to stores worldwide. Apple shares were trading just over 1% higher at midday.
The company announced its new product offerings at an event earlier this month, with pre-orders available since Sept. 13.
However, Apple's share price fell earlier this week after TF Securities analyst Ming-Chi Kuo reported that opening weekend pre-order sales were about 12% lower than last year's iPhone 15 launch.
Analysts from Barclays, JPMorgan and Bank of America also highlighted that shorter shipping times might suggest decreased demand for the higher-priced iPhone Pro models compared to last year.
Still, UBS analysts advised investors not to overreact to seemingly weaker sales, attributing last year's longer wait times to supply-chain disruptions that distorted demand data, according to CNBC. They also noted that the iPhone 16's lack of a standout feature and the incomplete rollout of Apple Intelligence dampened enthusiasm, with disappointing metrics in the U.S. and China, suggesting a super-cycle is unlikely.
Friday's shipments represent the tech company's latest push into AI, with the rollout of Apple Intelligence features set to begin in October.