Orders for the iPhone 5 topped 2
million in their first 24 hours, more than double the amount of its
predecessor over the same period.
Apple started taking iPhone 5 orders at 3 a.m. on Friday.
company also says that while most orders will be delivered on Friday,demand for the iPhone 5 exceeds the initial supply, so some of the
devices are scheduled for delivery in October.
The Cupertino,Calif. company's stock added $5.21 to $696.49 in afternoon trading after
rising as high as $699.54 earlier in the session.
The iPhone 5
represents the first major revision of the iPhone's screen size since
the first model was introduced in 2007. The new iPhone has an elongated
screen —4 inches (10.16 centimeters) measured diagonally— that allows
room for another row of icons and lets widescreen movies fit better. The
calendar will now show five days at a time instead of just three.
Previous iPhone models had 3.5-inch (8.89-centimeter) screens. The new
phone is also thinner and weighs less than previous models. It can
operate on LTE cellular networks and sports a new processor and updated
T. Michael Walkley, an analyst with Canaccord Genuity,said he believes the iPhone 5's "differentiated form factor versus the
iPhone 4S" and other improvements should drive strong iPhone 5 sales.
The record advanced orders on Friday and through the weekend caused
Walkley to revise his previous prediction that Apple would sell 6
million of the new iPhones by September 29. He now believes "Apple could
ship 9 million to 10 million" in that time, he told investors in a note
Janney Capital Markets analyst Bill Choi said Apple's
announcement Monday "suggests iPhone 5 is running well ahead of iPhone
4S." In a note to investors, Choi reaffirmed his earlier expectation
that Apple will sell 7 million to 10 million iPhone 5s by the end of
It won't be easy for Apple to top the breakneck sales