Apple has reported that it sold more than 2 million iPhone 5 smartphones in China over the weekend, setting a new record. However, the company’s stock has been on the decline.
Ars Technica’s Chris Foresman reported, “Apple’s push into China is making some inroads, as indicated by the iPhone 5 launch in China this past weekend. The company announced Monday morning that it sold over 2 million iPhone 5 handsets in greater China in the last three days—a new record launch in that market for Apple. The number is particularly impressive given that the iPhone 5 isn’t available on China’s largest carrier, China Mobile. ‘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.'”
InformationWeek’s Eric Zeman added, “Apple said the iPhone 5 will be available for sale in more than 100 markets by the end of the year, which Apple calls the fastest iPhone rollout ever. Apple sold more than four million iPhone 5s when it first launched in September. At this point, Apple has not said how many iPhone 5s it has sold in total since it first went on sale.”
The iPhone 5 isn’t the only Apple product selling well. Nathan Eddy from eWeek noted, “Apple’s latest entry into the red-hot tablet market, the iPad mini, has so far been a critical and commercial success. The 7-in. tablet, which starts at $329, has been even more successful than Apple anticipated, according to a blog post from NPD DisplaySearch, which reported Apple planned to sell 6 million units in 2012, but the company is asking panel makers to ship more than 12 million in the fourth quarter 2012 to fulfill the strong demand.”
Despite the strong sales, Dave Thier from Forbes observed, “CEO Tim Cook says that it’s been the best weekend of sales in China, ever. It hasn’t much helped the stock, though, which dipped below $500 for the first time in months this morning. There was a time when any piece of Apple news seemed to send the stock ticking up, but the trend reversed itself right around the iPhone 5 announcement. Now, investors see attackers on all sides. Once there were only possibilities, now people only see potential downfalls. Apple has erased the lion’s share of the incredible gains it made this year, even if it will likely stay comfortably north of the $405 stock price that it closed 2011 with.”