Chinese Snap-Up iPhone 5s; Apple (AAPL) Sells 2 Million in Opening Weekend
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Overall Analyst Rating:
BUY (= Flat)
Dividend Yield: 2.7%
Revenue Growth %: +11.2%
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Apple, Inc. (NASDAQ: AAPL) announced late Sunday night that it sold over two million iPhone 5s in China since launching the device on Friday, December 14. The figure from the iPhone maker comes despite reports on Friday that the device was being met with weak demand in the populous and all-important country.
"Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China," said Tim Cook, Apple's CEO. "China is a very important market for us and customers there cannot wait to get their hands on Apple products."
One report Friday noted that there were only two customers at Apple's flagship store in Beijing moments after the store opened. However, some analysts explained that the low foot traffic was related to the snowy weather and required pre-ordering to prevent riots.
In the U.S., Apple sold over five million iPhone 5s in the opening weekend in September.
With shares of Apple down nearly 28 percent from their September high, investors hope that the China iPhone 5 news will be enough to spark a rally into year end.
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"Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China," said Tim Cook, Apple's CEO. "China is a very important market for us and customers there cannot wait to get their hands on Apple products."
One report Friday noted that there were only two customers at Apple's flagship store in Beijing moments after the store opened. However, some analysts explained that the low foot traffic was related to the snowy weather and required pre-ordering to prevent riots.
In the U.S., Apple sold over five million iPhone 5s in the opening weekend in September.
With shares of Apple down nearly 28 percent from their September high, investors hope that the China iPhone 5 news will be enough to spark a rally into year end.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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