Apple has proven many analysts and Wall Street wrong by revealing that they have sold over two million iPhone 5 in three days in China.
“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.”
Writing for Fortune, Philip Elmer-Dewitt pointed out that one particular analyst got it dead wrong.
According to Elmer-Dewitt:
Yeung was not the only culprit in getting China’s sentiment towards Apple’s iPhone wrong. It appears many investors felt the same. Apple stock dropped over 4 percent on Friday went long lines did not materialize in China for the iPhone.
“The phone’s seemingly quiet arrival can largely be put down to Apple’s sales system,” Jon Russell writes for TheNextWeb. “The company requires customers to register to pick up a phone before they come to the store. This is an approach used to cut down on ‘scalpers’, who are resellers that have traditionally crowded Apple launches in China to buy up devices to sell on for a tidy profit.”
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