Apple sent out a statement reassuring its investors that announced the new iPhone 5 broke a previous sales record for China
December 18, 2012 – In its first three days of sales in China, the iPhone 5 sold 2 million units. Apple has tried to counter some speculation that their new smartphone had a lukewarm reception in the market in China by revealing how many handsets it sold in just the first three days it debuted.
On Friday, the day the iPhone debuted, reports were that the Apple Stores had been relatively quiet, in contrast to the iPhone 4S debut, which nearly led to rioting in January. Apple sent out a statement reassuring its investors that announced the new iPhone 5 broke a previous sales record for China.
Tim Cook the CEO of Apple said in the statement that customer response towards the iPhone 5 had been great in China, setting sales records with the best first three days ever in the country. Cook added that the market in China is hugely important for the company and it is great to see that customers cannot wait to purchase our products.
The disclosure by Apple, that has been looked at by some as a defensive move, came following remarks by analysts that said they did not think the iPhone 5 would be as successful in China as other previous devices by Apple had been. Analysts said part of that was due to increased local competition.
During August, a report showed that Apple’s market share in the smartphone market in China had fallen 50% over a one year period to about 10%, while the market overall in China grew at a rapid pace.
UBS has slashed its target price for Cupertino, California based Apple to $700 from $780 because of lower expectations of sales in China. One report said that Apple had lowered its shipments of iPhones to China for the third quarter to 3.3 million, which was down from its first quarter shipments of 5.7 million.
However, next year, Apple should redouble its efforts in China through a new deal with carrier China Mobile, the largest network operator in China, which has subscribers in the range of 700 million.