Apple's iPhone 18 Pro Sales Lag Expectations Amid Higher Prices

Apple's new iPhone 18 Pro and Pro Max models have been met with lukewarm preorders, according to analyst Jeff Pu of GF Securities. The phones, which went on sale this week, are priced at $1,199 and $1,299 respectively. Apple also introduced its first foldable phone design, the iPhone Duo, with a starting price of $1,999.

The limited feature upgrades and higher price points may be contributing to the weak demand, Pu suggested. JPMorgan analyst Samik Chatterjee noted that customers in some markets may be holding out for the release of the foldable phone next month. The iPhone 18 Pro features a new 2-nanometer A20 Pro chip and an advanced camera system, but it's not enough to excite customers, according to Chatterjee.

The Duo has a 5.4-inch outer display that unfolds to reveal a 7.6-inch inner display. While it's the first folding phone for Apple, it's not a revolutionary product - Motorola, Samsung, and Alphabet all market their own foldable phones. Apple still gets the largest portion of its revenue from smartphone sales, with $54.25 billion coming from iPhone sales in the fiscal third quarter.