Tech giant Apple (NASDAQ:AAPL) reported in a press release today that sales of its iPhone 5 in China have exceeded 2 million since its launch on Dec. 14. This number sets a record with "the best first weekend sales ever" in the world's second-largest economy, according to Apple.
By the end of the month, Apple says that the newest iteration of the iPhone will be available in more than 100 countries. Still, the company has seen its stock sink to around the $500-per-share mark recently, with competition concerns brewing in the tablet and smartphone markets from the likes of Google (NASDAQ:GOOGL) and others. Citigroup (NYSE:C) downgraded the stock on Sunday from buy to neutral over demand concerns for the iPhone 5, as well as increasing competition.
Nonetheless, China's sales figures mark an important victory for Apple's latest iPhone. As Apple CEO Tim Cook said in the press release, "China is a very important market for us and customers there cannot wait to get their hands on Apple products."
The release marks the first time Apple has released iPhone sales figures for China.
Dan Carroll has no positions in the stocks mentioned above. The Motley Fool owns shares of Apple, Citigroup Inc , and Google. Motley Fool newsletter services recommend Apple and Google. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.