x Abu Dhabi, UAEFriday 28 July 2017

Apple's iPhone 5 sets record sales in China

Apple said the iPhone 5 posted record sales in its first weekend of availability in China, the world's largest mobile-phone market by users.

Apple said the iPhone 5 posted record sales in its first weekend of availability in China, the world's largest mobile-phone market by users.

Apple sold more than 2 million of its latest handsets in the three days following its December 14 introduction in the country, Apple said. Carolyn Wu, a Beijing-based spokeswoman for Apple, said she did not have comparable data to release on initial sales in China of previous models.

Apple fell to its lowest price in 10 months on December 14 after Steven Milunovich, an analyst at UBS AG in New York, cut his price estimate for the shares, citing concern that growth may slow for the iPhone and iPad. The iPhone 5 may not sell as well as the previous model in China, Mr Milunovich said in a report.

The China sales are part of the fastest iPhone roll-out yet, with the device scheduled for introduction in 100 countries by December 31, Apple said.

"Customer response to iPhone 5 in China has been incredible," the Apple chief executive Tim Cook said. "China is a very important market for us and customers there cannot wait to get their hands on Apple products."

The company's flagship store in Beijing's Sanlitun district was pelted with eggs in January when it did not open as scheduled for the first day of sales for the iPhone 4S. Demand for the iPhone in China was "staggering," and the company "did not bet high enough," Mr Cook said on January 24.

* Bloomberg News