Shares of Apple Inc.(NASDAQ:AAPL) jumped another 0.32% to $702.00 in the pre-market session.
The iPhone 5 has turned out to be a record breaker just a few days after its launch. The number of pre-orders has gone up to more than 2 million, which is double when compared to older models and has reportedly exhausted the current supply of the smartphone.
Philip Schiller, Apple's senior vice president of world- wide marketing is extremely pleased with the huge customer response to the company’s latest offering. Most of the pre-orders are expected to reach on Friday, but due to the huge demand, some customers need to wait until October for the delivery.
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Apple iPhone 5 maintains the tradition of each new iPhone outselling its predecessors combined. The iPhone 4S had amassed pre-orders exceeding a million on the very first day, surpassing its own predecessor, I Phone 4, which had gathered about 600,000 orders. The demand for the phones was vaguely referred to by Apple on Friday, when its website began to delay deliveries of iPhone 5 only after an hour of pre-orders. This was an indication that initial supplies were completely sold out.
Apple has enjoyed continued success as the world's largest company by value and also being a big player in the smartphone industry. This has been possible due to the iPhone, which has acted as the foundation to the company's mobile-device strategy. Software in the iPad tablets are synchronized with the iPhone, so the devices are both dependant on each other. This is the reason why iPhone 5 needs to succeed in order to help Apple retain its numero uno position.
The iPhone 5’s 16GB model, which is the cheapest one, costs $199 if customers sign a two-year service contract with their carriers. The phone is lightweight, has a processor with better speed, a larger screen, and top-notch touchscreen technology. Apple hopes to sell the iPhone 5 in 100 countries by the year end.