Since Apple doesn’t give out preliminary sales figures, analysts use a number of measures to estimate how sales are going. According to TF International Securities, Apple sold 37 million iPhone 16s in the first weekend of pre-sales, which was a 12 percent drop from the iPhone 15 debut in 2023.

Apple stock (NASDAQ: AAPL) has remained largely flat over the past month, underperforming the Nasdaq-100, which gained about 4% in the same period.

Apple Inc.’s stock surged Monday after J.P. Morgan made an upbeat call on iPhone availability, with improvement led by the iPhone 16 base models.

Apple had been counting on new artificial intelligence features to make the iPhone 16 a major hit. But pre–sale estimates point to a more muted early response than Apple had hoped.