NEW YORK: 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.
Apple shares fell 3.8 percent on Friday to $ 509.79 after the iPhone 5’s China debut, while Citi Research downgraded Apple’s stock this week 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 US and 30 other countries in September, selling more than 5 million in its first three days on the market.
“Customer response to iPhone 5 in China has been incredible, setting a new record with the best first weekend sales ever in China,” Apple Chief Executive Tim Cook said in a statement.
This is the first time Apple has announced China sales numbers for the iPhone.
Analysts say Apple’s longer-term outlook in the China market, however, may hinge on expanding its partners in that country to include China Mobile Ltd, the country’s top telecoms carrier.
Wal-Mart Stores Inc. said earlier that it began selling the flagship iPhone 5 smartphone at a big discount in thousands of its stores.
Wal-Mart said it is selling the 16 GB Apple iPhone 5 for $ 127, versus an original price of $ 189.97. The price is valid with a two-year contract from wireless carriers Verizon, Sprint and AT&T, the retailer added.
Wal-Mart said it is also selling the 16 GB iPhone 4S and the 16 GB iPad with Retina display and WiFi at discounts.
The offers will be available for 30 days in about 3,000 of Wal-Mart’s stores, which were not identified. They are not available online, according to the retailer.
Apple has focused on high-priced, premium gadgets for many years and has strictly enforced its prices with retailers and other distributors. However, a Wal-Mart spokeswoman said on Friday that the discounts were arranged with Apple.
“We worked together with them on this,” the spokeswoman, Sarah Spencer, said. “They are a great partner.”
Wal-Mart is pricing the iPad starting at $ 399, down from $ 499. Beginning Dec. 17 the retailer said it will throw in a $ 30 iTunes card.
Wal-Mart is selling the 16 GB iPhone 4S for $ 47, versus an original price of $ 89.97, it said.
Apple did not respond to a request for comment.
Wal-Mart’s cooperation with Apple is a contrast to its relationship with Amazon.com Inc, the world’s largest Internet retailer.
In September, Wal-Mart said it would stop selling Amazon’s Kindle eReaders and tablets, placing a bet that consumers would be more interested in Apple’s gadgets. This spring, Target Corp. stopped selling Kindle devices.
New record: Apple iPhone 5 starts strong in China
New record: Apple iPhone 5 starts strong in China
ITC Infotech accelerates Vision 2030 through digital hub in Riyadh
ITC Infotech’s commitment to delivering real digital change in the Middle East is reinforced by strengthening collaboration and working more closely with customers on the ground. The establishment of its Digital and AI Engineering Hub in Riyadh brings superior digital engineering and AI skills closer to businesses, allowing for speedier collaboration, localized innovation, and solutions targeted to regional needs. This strategic expansion aligns with Saudi Arabia’s Vision 2030 and underscores ITC Infotech’s long-standing emphasis on partnership-led growth and customer-centric innovation.
The hub was officially inaugurated on Jan. 15 by Sanjiv Puri, chairman and managing director of ITC Ltd. This facility is designed to help enterprises leverage advanced technologies and convert digital ambitions into measurable business outcomes. This move aligns closely with Saudi Arabia’s efforts to build a knowledge-driven economy powered by innovation and technology.
Saudi Arabia’s digital leap
Vision 2030 is more than just economic diversification; it is a clear blueprint for creating a technologically advanced society. This vision is centered on the integration of artificial intelligence and digital engineering, which are transforming industries and enabling long-term, sustainable growth. The strategic importance of AI is clear, with the Saudi Data and AI Authority estimating that it may add $135 billion to the Kingdom’s GDP by 2030. This commitment is supported by significant investments, including $14.9 billion announced at LEAP 2025 to advance digital infrastructure, talent, and next-generation technologies, as well as historic projects like the $2.7 billion Hexagon Data Center in Riyadh. Together, these efforts are laying the foundation for a secure, resilient, and future-ready digital ecosystem that can support AI adoption, data-driven governance, and smart city development at scale.
What the hub offers
ITC Infotech’s Riyadh hub is designed to fuel this momentum by focusing on three core areas:
- AI-powered platforms: Delivering predictive analytics, intelligent automation, and data-driven insights to help businesses transition from reactive operations to proactive strategies.
- Digital engineering solutions: Leveraging Industry 4.0-driven smart manufacturing capabilities, integrating AI-led modeling, connected systems, and advanced analytics to optimize production performance, improve asset utilization, and proactively reduce operational and quality risks across the engineering lifecycle.
- Cloud-native architectures: Building agile, secure, and resilient ecosystems that enable faster innovation and seamless integration across enterprise systems.
These capabilities are designed to enable organizations to innovate, scale, and compete in a rapidly evolving digital economy. Beyond technology, the hub is fundamentally anchored in building a team of the region, from the region, for the region and for global impact. Through structured skill-building programs, deep partnerships with academia, systematic knowledge transfer, and immersive, hands-on delivery models, the hub is creating a future-ready Saudi workforce fully aligned with Vision 2030 and capable of serving both national and international priorities.
Driving enterprise transformation
The ITC Infotech hub aims to enable transformation rather than simply deploy technology. By driving AI adoption, accelerating digital engineering, and building cloud-native ecosystems, ITC Infotech seeks to help businesses:
- develop new business models to meet evolving market needs.
- improve operational efficiency through predictive insights and automation.
- support sustainability goals by optimizing resources and reducing risks.
- build a skilled local workforce capable of leading future innovations.
These outcomes support enterprises as they transition to more resilient, data-driven, and digitally mature operating models.
The road ahead
ITC Infotech is a wholly owned subsidiary of ITC Limited, one of India’s largest conglomerates, with over 25 years of experience as a trusted technology services partner to enterprises globally. The company focuses on next-generation enterprise transformation, delivering services across infrastructure and application modernization, cloud, cybersecurity, digital engineering, and AI-led innovation.
As Saudi Arabia continues its digital journey, ITC Infotech’s combination of global expertise, strong local presence, and collaborative delivery model positions it as a long-term partner in advancing Vision 2030. ITC Infotech’s hub in Riyadh reflects this commitment, bringing advanced capabilities closer to customers, investing in local talent, and enabling enterprises to adopt AI at scale as they compete in an increasingly digital world.
