Apple Selling Off Hard On Negative iPhone Data Report

Shares of Apple Inc. AAPL are trading down more than 1.4 percent on Friday afternoon, after point of sales tracking market research firmGfK issued negative commentary regarding iPhone 7 sales.

As per the firm’s channel checks-based data, the iPhone 7 and iPhone 7 Plus witnessed 25 percent lower sales in its launch weekend than the previous model – iPhone 6s and iPhone 6s Plus- at least in the 15 countries that were included in the sample. It should be noted, however, that these figures represent sales in 12 European countries, China, Australia and Taiwan, but not in the United States.

Related Link: Buy Apple On The iPhone 7 Launch, As Demand Is Exceeding Supply: Citi

Strangely, several respected Wall Street research firms had been expecting pretty much the opposite, even though, for the first time, Apple had decided not to publicize its first weekend sales numbers, arguing that they would be much more determined by supply than by demand. “We have decided that it is no longer a representative metric for our investors and customers,” the tech behemoth said recently.

Disclosure: Javier Hasse holds no interest in any of the securities or entities mentioned above.