Remember when people were disappointed in the iPhone 4S?Seems like they’ve gotten over that.
Pre-orders for the iPhone 4S sold out in 10 minutes in Hong Kong, according to Ticonderoga Securities analyst Brian White.
Here’s his take on what that’s good news:
We believe this rapid sell out will rest concerns surrounding the uptake of the iPhone 4S in the Greater China region that were driven by the limited language capability of Siri, which did not launch in Mandarin or Cantonese. Keep in mind, the iPhone 4S becomes officially available in stores this Friday (11/11) in Hong Kong and 14 other countries, we expect it to be met with long lines and serial stock outs.
With 16% of Sales from China, HK iPhone 4S Sellout Bodes Well. Keep in mind, Apple opened its first retail store in Hong Kong during the September quarter, along with a third store in Shanghai for a total of six Apple retail stores in the region. We believe that Greater China (Hong Kong, Mainland China and Taiwan), which is becoming a more meaningful percentage of Apple’s sales, will remain an important growth driver over the next decade. During the September quarter, Apple generated $4.5 billion in revenue (up 270% Y/Y) from Greater China or 16% of total sales compared to merely 2% of revenue in FY09. In FY11, Apple generated $13 billion in sales from Greater China and $3 billion in FY10.