Days after iPhone 16 series launch, Apple loses Rs 970000 crore due to...

Days after launching the new iPhone 16 series, Apple on Monday lost nearly USD 116 billion or Rs 971515 crore after its shares dropped nearly 3 per cent. Analysts said weaker demand for iPhone 16 Pro models, possibly due to delayed AI features (Apple Intelligence) led to the fall in the share prices. Last week on September 9, Apple unveiled its long-awaited iPhone 16 series designed around its AI software called Apple Intelligence. The AI feature is set to arrive in the US version of the English language in beta next month. 

According to BofA Global Research, early pre-order data revealed shorter global shipping times for the iPhone 16 Pro models compared with last year's 15 Pro models, as of Monday, three days after Apple started taking pre-orders. Ship time on average for the iPhone 16 Pro currently stood at 14 days, lower than 24 days for the iPhone 15 Pro last year, the data showed. The 19-day shipping time for the iPhone 16 Pro Max compares with 32 days last year.

Currently, Apple shares stood at USD 216.32, as of 3 pm Tuesday, and the market cap of the tech giant is USD 3.29 trillion. Pre-orders during the first weekend were much lower compared to last year. Orders for the iPhone 16 Pro were down by 27%, and for the Pro Max, they dropped by 16%. In India, iPhone 16 Pro and iPhone 16 Pro Max, alongside the iPhone 16 and iPhone 16 Plus, will be available from September 20. The pre-orders are already underway.

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