Apple said the iPhone 5 posted record sales in its first weekend on sale in China, the world’s largest mobile-phone market by users.
More than 2 million of the latest handsets sold in the three days following their Dec. 14 introduction in the country, Apple said.
Apple fell to its lowest price in 10 months on Dec. 14 after UBS analyst Steven Milunovich cut his price estimate for the shares, citing concern that growth could slow for the iPhone and iPad. But yesterday the share price rose by $9.04, to $518.83.
Apple introduced a registration system that required buyers to reserve a device online before picking it up in stores. The iPhone 5 is scheduled for introduction in 100 countries by Dec. 31.