Thanks to iPhone 5, Apple Stock Hits Record High Of $700 Per Share
Apple Inc booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant's new smartphone and setting it up for a strong holiday quarter.
Apple shares rose in extended after-market trading to touch $700 per share for the first time. They have gained nearly 22 percent in the past 3-1/2 months in the build-up to the launch of the iPhone 5.
Apple said on Monday that pre-orders outstripped initial supply but it would deliver most phones as planned by Friday, the first day of delivery. Many would not be available until October, however. It is not unusual for Apple products to sell out the first day but this time around Apple has doubled its first-day sales record. Last October, the company booked 1 million orders for the iPhone 4S, in the first 24 hours. That had beaten Apple's previous one-day record of 600,000 sales for the iPhone 4.
