Apple´s iPhone 5 hits China’s mainland market but back in North America, Wall St isn’t too optimistic on the companies short term future.
Just a couple of days ago we reported that Apple would begin selling the iPhone 5 in China and that “China is of the utmost importance to Apple when it comes to world-wide sales. China accounted for nearly 24 billion dollars in revenue for Apple (fiscal year ending September 2012)”
An Apple / China sales update is in and according to Apple, it has sold over two million iPhone 5 in China, in just over three days. Apple CEO, Tim Cook said “Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China. China is a very important market for us and customers there cannot wait to get their hands on Apple products.”
Katy Huberty of Morgan Stanley seems to more than just agree with Cook and goes as far as saying that there is even “strong demand” for the iPhone 5 and that the iPad is doing better than you think against the iPad Mini.Saying that “47% of iPad mini purchases are to new customers”. She also said though that Apple is “holding its own against Samsung.” To say though that Apple is holding its own against Samsung may take away from her credibility a bit, especially from those that see Apple as seriously losing the mobile battle to Android, as nearly every report confirms.
In fact, Apple has received another price cut from a Wall Street analyst. As BI presents the matter. “But this time, there’s a twist. It’s also getting its rating cut.” According to BI analyst, Jay Yarow previously, Apple was rated as a buy “because they believed there would be near term pop in stock on strong iPhone 5 sales. They no longer think iPhone 5 sales are going to be strong enough to prop the stock.”