Forbes: Apple sold more than two million iPhone 5 handsets in China during only its first three days on the market.
The company announced Monday morning that it had sold more than 2 million units in the first weekend in the country, running counter to reports and video footage that showed uncharacteristically short lines of people waiting outside Apple stores to pick up the new phone. Investors had balked at the reports on Friday and sent shares of Apple down sharply at the close. Yet Apple Chief Executive Tim Cook has now praised “a new record with the best first weekend sales ever in China.”
“The key reason is status,” said Topeka Capital Markets analyst Brian White. While Chinese consumers weren’t as keen to upgrade from the iPhone 4 to the 4S, the 5 model is more appealing because it is, simply, bigger. “In our view, a new form factor shows the world that you have the latest and greatest iPhone, a sign of status in China.”