The iPhone 5 debuted in China overnight and was met with less than stellar launch day sales. The iPhone 5 launch is the lowest performing launch event in Apples history as a retailer in China. US markets reacted to the poor launch report by pushing Apple's stock down by nearly 4%.
"Apple's flagship store in Beijing's upscale Sanlitun shopping district began selling the iPhone 5 for the first time on Friday in what was arguably the least eventful launch of an Apple device in the company's four-year history in the Chinese capital," the Wall Street Journal reported.
The poor performance on Launch day can be attributed to several factors including the companies new policy of requiring Chinese consumers to apply for the new phone online a day in advance in order to secure a window of pickup. Apple is on its way to erasing most of its gains in the 2012 fiscal year where the stock peaked at $705 a share and is now down to less than $550 a share.