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Apple's iPhone 12 launch last weekend turned out be a big win for the smartphone giant with over 800,000 more preorders than the iPhone 11.

According to Apple analyst Ming-Chi Kuo of TF International securities, the company raked in over 2 million iPhone 12 preorders within a span of 24 hours, pointing to the continued popularity and market dominance of Apple's smartphones.

Kuo predicated that the iPhone 12 would actually sell less units than the iPhone 11, roughly 9 million in comparison to the iPhone 11's 12 million. He went   on to argue that the price cut to $599 for the iPhone 11 would be the primary reason why less units would fly off shelves.

As it turns out, iPhone 12 sales over the course of the weekend eclipsed Kuo's predictions, which usually have a great deal of gravitas since he is often correct. The primary cause of the surge in sales was robust demand in China, which is capable of utilizing 5G technology on a larger scale in comparison to the United States.

This would explain why the iPhone 12 Pro sold so well in China with its 5G capabilities and upgraded camera. Kuo has said that China makes up between 35% to 45% of demand for the iPhone 12 Pro. It has also been forecasted that the iPhone 12 Mini and iPhone 12 Pro Max will generate weaker sales in China, however.

Another development worth noting is the change in shipping times for the phones to five-to-ten days, suggesting Apple's phone supply is unable to meet the demand for the new iPhone 12.

Kuo's analysis shows another big win for Apple following a year of explosive stock market growth and controversy over the Apple Store removing specific vendors the company deems as competitors.

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