Apple launched the iPhone 5 in China on Friday but early reports indicated that demand may not be as great as expected. Apple's market share in China has recenty slided and the weak demand for the iPhone 5 in the country has sent Apple investors more cause for alarm on Friday, with the company's shares to fall 3.9 percent.

In addition, Jefferies analyst Peter Misek trimmed his iPhone shipment estimates for the Jan-March quarter, saying that the technology company had started cutting orders to suppliers to balance excess inventory.

UBS Investment Research also cut its price target on Apple stock to $700 from $780 on lower expected iPhone and iPad shipments for the March quarter.

The iPhone 5 is sold in China after pre-ordering.