Silicon Valley’s brightest star Apple, has sold a mammoth 5 million iPhone 5 devices all within three days of its debut. However, its stock fell due to it failing to meet a market sales expectation of 8 Million devices. To compound the predicament, the company proclaimed on Monday that it ran out of its initial supply of iPhone 5 devices, which has piqued many market analysts chiefly as the company is the world’s most valuable company with $117 Billion in cash reserves.
The shortfall in the devices and rising market demand culminated into a riot breaking out in its Foxconn factory in China, involving over 2,000 factory workers all due to the massive demand for the smartphone, Foxconn is an overseas outsourcer in China located in Taiyuan, 320 miles from Beijing that builds gadgets for the Apple Corporation.
Tim Cook Apple’s CEO said the company is ‘’working hard to build enough iPhone 5s for everyone’’.
The expectations for the iPhone 5 were so immense that they could not have been realistically met, leading to the company’s stock falling by 1.7% to rest at $688.64.
Further thwarting matters, the early adopters of the iPhone 5 are grumbling that the device has faulty Wi-Fi connections and scratching on its aluminum casing, coupled with confused weather reports generated by the voice-activated Siri assistant.
Nevertheless, the iPhone 5 is by far the most groundbreaking smart phone in the market today, with the closest competitor Samsung Galaxy s3 being given an almighty whooping from builds quality and ergonomics to quality display.