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.

Analysts say the iPhone 16 series costs Apple a few more dollars to produce than its iPhone 15 counterparts thanks to rising component costs.

Recently, Apple unveiled its latest phone, the iPhone 16. While it will provide users with a phone that is ready for artificial intelligence (AI) features, it may not be all that exciting. But looks can be deceiving, and early accounts are that the new iPhone is doing just fine. Here's why it could be a big growth catalyst for the business.