Apple Inc said it sold more than 2 million of its new iPhone 5 in China during the three days after its launch there on Friday, marking China’s best-selling iPhone rollout ever. But the highly anticipated release in China, Apple’s second-biggest market, has not eased worries about stiffer competition in smartphones that are driving a slide in the share price of the world’s most valuable technology company.
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Apple shares fell 3.8 per cent on Friday to $509.79 after the iPhone 5’s China debut, while Citi Research downgraded Apple’s stock late on Sunday to “neutral” from “buy” and lowered Apple’s price target to $575 from $675, citing diminishing hype around the iPhone 5 and improving competition in smartphones.
Apple’s latest iPhone made its global debut with a launch in the United States and 30 other countries in September, selling more than 5 million in its first three days on the market.
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