Apple Shares Close With Marginal Gains As Company Receives 37 Million Pre-Orders For iPhone 16 Series

Apple recently laid out its latest set of products in its marquee annual event. This event and the subsequent sale of its new products have been the biggest bet for the Cupertino-based company in recent years, as the company has encountered consumer fatigue with its products.

iPhone 16 Pre-Order At 37 Million

With time, Apple products, particularly the iPhones, have gotten more sophisticated and, more importantly, durable, making the newer iPhone 'upgrades' less desirable.

At the recent Apple Event, the company launched its latest addition to the iPhone saga, the iPhone 16 series. This series has thrown open as many as four options, namely the primary iPhone 16, the iPhone 16 Plus, and the more advanced iPhone 16 Pro and iPhone 16 Pro Max.

As per the latest report, the high-end iPhone 16 Pro has received a relatively underwhelming response. In all, the company has received a total of over 37 million pre-orders for the 16 series. The products will be available to common consumers on September 20.

Although the overall number may sound impressive, this is much lower than the buzz created during the previous edition of the iPhone, with the iPhone 15 series. There is 12.7 per cent year-on-year decline in the numbers, compared to the previous models.

Apple's Performance at Wall Street

When we look at the company's performance at the equity markets, Apple shares have declined by a mammoth 2.03 per cent or USD 4.49, just in the past five trading sessions. Things do not look great when we look at the monthly picture either. In the past one month of trade, the company stock has lost 4.03 per cent of its cumulative value.

There was, however, some silverlining in the most recent day of trade as the California-based company's shares closed in green on September 17. The company gained 0.22 per cent or USD 0.47, climbing slightly to USD 216.79 per share.