Apple's iPhone 5 starts strong in China but shares pressured
Apple said it sold more than 2 mn of its new iPhone 5 in China during the three days after its launch on Friday.
Shanghai: Apple Inc said it sold more than 2 million of its new iPhone 5 in China during the three days after its launch there on Friday, marking China's best-selling iPhone rollout ever.
But the highly anticipated release in China, Apple's second-biggest market, has not eased worries about stiffer competition in smartphones that are driving a slide in the share price of the world's most valuable technology company.
Apple shares fell 3.8 per cent on Friday to $509.79 after the iPhone 5's China debut, while Citi Research downgraded Apple's stock late on Sunday to "neutral" from "buy" and lowered Apple's price target to $575 from $675, citing diminishing hype around the iPhone 5 and improving competition in smartphones.
Apple's latest iPhone made its global debut with a launch in the United States and 30 other countries in September, selling more than 5 million in its first three days on the market.
"Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China," Apple Chief Executive Tim Cook said in a statement.
This is the first time Apple has announced China sales numbers for the iPhone.
Analysts say Apple's longer-term outlook in the China market, however, may hinge on expanding its partners in that country to include China Mobile Ltd, the country's top telecoms carrier.
- Indus Water Treaty: India Can't Unilaterally Separate Itself, Says Sharif
- Pakistan Capable of Meeting Any Threat: Nawaz Sharif
- Collapse of SAARC Summit Unfortunate, Says Mehbooba Mufti
- 'Silly' Sam Allardyce Says Error of Judgment Led to Shock Exit
- India Jumps 16 Places in Global Competitiveness Index
- SpaceX Chief Elon Musk Unveils Plans That Could Take Humans to Mars Very Soon
- Former Israeli Prime Minister, Nobel Prize Winner Shimon Peres Passes Away
- SpaceX CEO Elon Musk Promises 'Fun' Trip to Mars Colony