Apple Inc. (NASDAQ:AAPL) Shares Crosses $700 Mark In Extended Hours On Solid Response From New Launch

Shares of Apple Inc.(NASDAQ:AAPL) kept soaring in after hours with the stock comfortably reaching $700 in after hours on Monday after closing at $699.78, up 1.23 in the regular session. The stock took 34 days to move up from $600 to $700.

Apple reported that users have placed more than 2 million pre-orders for iPhone 5 on the first day of its availability. This has doubled the previous results and exceeded initial supply of the smartphone. According to Apple’s senior vice president of global marketing, Philip Schiller, response received from customers has been exceptional.

California-based Cupertino said that most of the pre-orders will be delivered to clients on Friday. When the phone hits the stores, several will be delivered in October.

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The initial response exceeded sales of the predecessor of the device, the iPhone 4S that had received more than 1 million pre-orders on its first day of requests. As per the reports submitted by the company, each new iPhone set has outsold its predecessor.

On Monday, AT&T had mentioned that iPhone sales set a record over the weekend. The wireless carrier did not reveal any specific figures.

On Friday, Apple had hinted at the excitement for the device when its site started delaying deliveries of the new iPhone just an hour after it started accepting pre-orders. This move had hinted at the fact that the firm had sold off its initial inventory.

iPhone 5 is crucial to the continued success of Apple. The smartphones are the best-selling gadgets made by the firm. They have powered Apple to be the largest company in the world in terms of value. Software that is used in iPads is also used on iPhones, resulting in intertwining of the fates of both the gadgets.

The new phone was unveiled on Wednesday. It comes with a faster processor, a larger screen and a sleeker profile. It also offers an advanced touch screen technology.

Apple is selling the cheapest iPhone 5 at $199, only if customers are ready to sign up for a new two-year contract with their carriers. The firm will start selling iPhone 5 in nine countries.