04:09 PM EDT, 09/16/2024 (MT Newswires) -- Apple ( AAPL ) retreated nearly 3% on Monday, after a securities analyst at TF International in Hong Kong said demand for the latest iPhone model likely lagged forecasts during its first weekend on the market.

In a new research note, TF analyst Ming-Chi Kuo said pre-order sales for Apple's ( AAPL ) iPhone 16 reached around 37 million units, down almost 13% from first-weekend sales for the iPhone 15 series, with the largest decline in estimated sales seen for the iPhone 16 Pro series.

Ming-Chi blamed the subdued demand on the company introducing its iPhone 16 Pro, but lacking its new artificial intelligence application, with its Apple Intelligence to become available at a later date.

"Additionally, intense competition in the Chinese market continues to impact iPhone demand," the analyst said.

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