iPhone 5 sets new Chinese record

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iol scitech june 29 iphone

REUTERS

Apple will give customers a credit for their old phones to be used toward the purchase of a new model, an Apple spokeswoman said.

New York - Apple said on Monday that it sold more than 2 million iPhone 5s in China in their first three days of availability, setting a record for that market.

The iPhone 5, which launched in China on Friday, will be available in more than 100 countries by the end of December.

The phone first went on sale on September 21 in the US, Germany, France, Japan and five other countries, with more than 5 million sold in the first three days.

That also set a record, but it only beat last year's iPhone 4S launch by a small margin, falling short of some analysts' expectations. Apple shares hit an all-time high of $705.07 that day, but in the months since the stock has plunged about 28 percent.

On Sunday, Citi analyst Glen Yeung cut his rating for the company to “Neutral” from “Buy,” questioning the strength of iPhone 5 demand and saying that it's unlikely Apple shares will rally any time soon. - Sapa-AP

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