Apple shares are down following the release of the iPhone 7 and the company’s statement that they will not be reporting this weekend’s sales.

TheStreet’s Jim Cramer said that is because iPhone 7/Plus is sold out. At Apple’s annual September product launch held Wednesday at the Bill Graham Civic Center in San Francisco, the tech company unveiled the new iPhone 7, the Appel Watch Series 2 and other product upgrades.

The new iPhone features new advanced camera systems that take pictures like never before, more power and performance with the best battery life ever in an iPhone, immersive stereo speakers, wide color system from camera to display, two new beautiful finishes, and is the first water and dust resistant iPhone. iPhone 7 and iPhone 7 Plus will be available in more than 25 countries beginning Friday, September 16

Direct link to video here.

MacDailyNews Take: Yes, initial sales have been governed by supply, not demand for some time now. We’ll get iPhone’s quarterly unit sales numbers with Apple’s earning release in late January, as usual.

Apple confident iPhone 7/Plus will sell out, will no longer release first-weekend figures – September 8, 2016