Apple sells 2 million iPhones in China, amid Wall Street worries about demand
Apple reported Monday that it had sold a “record” 2 million units of the new iPhone 5 during its first three days of sales in China—a report that emerged as Wall Street analysts downgraded the Apple’s stock because of perceived softness in demand for the new phone.
“Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China,” Tim Cook, Apple’s CEO, said in a press release. “China is a very important market for us and customers there cannot wait to get their hands on Apple products.”
The weekend’s strong start mirrored previous iPhone launches for the iPhone in China, where stores reported shortages after two days of iPhone 4 sales in 2010, and where high demand forced the company to sell the iPhone 4S exclusively online during its launch last year.
Apple’s report, though, came a day after Business Insider reported that Citi’s trio of Apple analysts had cut their recommendation on Apple stock from “buy” to “neutral,” citing their belief that Apple is easing up production of the iPhone 5 in response to relatively lower demand. Two other industry analysts, UBS and Jefferies, also cut their price targets for Apple’s stock last week, triggering a fall in the company’s stock price.
The iPhone 5 launched Friday in China. Apple says it’ll be available in more than 100 countries by the end of the month, making for the fastest iPhone rollout ever.