Shorter iPhone 7 Lines Send Mixed Signals About Market Enthusiasm

Apple Inc. AAPL doesn’t report official iPhone presale numbers. In the meantime, traders are looking wherever they can for signs of how popular the new iPhone 7 and 7 Plus will be among customers.

While preorder reports from T-Mobile US Inc TMUS and Sprint Corp S have been extremely positive, at least one piece of anecdotal evidence shows demand may not be as strong as Apple investors had hoped.

The chart below from Piper Jaffray’s Gene Munster shows that iPhone 7 lines at the 5th Avenue Apple Store in New York are down 38 percent compared to the line length for the release of the iPhone 6S last year. Line lengths are also down year-over-year at two other New York locations.

Related Link: Perfect Storm Of iPhone News Sends Apple To New 2016 Highs

These line length numbers run counter to reports from T-Mobile that iPhone 7 preorders are four times higher than the previous iPhone record. Sprint has also reported iPhone preorders up 375 percent compared to last year.

The initial preorder numbers from mobile carriers coupled with the recall of competitor SAMSUNG SSNLF’s Galaxy Note 7 has propelled Apple’s stock to its highest point of 2016 this week.

Investors will now have to wait on sales numbers from Apple to officially determine whether or not the iPhone 7 is a hit.