“Apple Inc. sold a record 9 million iPhones in the weekend debut of two new models,” Adam Satariano reports for Bloomberg News. “Sales almost doubled from the previous record even amid supply constraints for the iPhone 5s, the higher-end version of the two smartphones, Apple said in a statement today. The results also led Apple to say that quarterly revenue and gross margin will be at the top end of a prior forecast.”
“Apple’s shares rose 5 percent, the biggest jump since July, as the sales exceeded even the loftiest analysts’ projections of less than 8 million,” Satariano reports. “‘The rumors of Apple’s demise are severely exaggerated,’ said Laurence Balter, an analyst at Oracle Investment Research in Fox Island, Washington, whose clients are Apple investors. ‘Those numbers blew away anything I could have imagined and just show that they are still producing the best-quality phones in the industry.’”
“The results underscore how Apple has upended the global technology industry since the iPhone’s 2007 debut. Based on $581 for each iPhone sale — about what Apple made on average last quarter — the company probably generated $5.2 billion in sales in three days. By comparison, BlackBerry Ltd., whose phones were once the smartphone standard, reached a tentative agreement to sell itself to a buyout group for $4.7 billion after losing ground to Apple and others,” Satariano reports. “Of the 9 million Apple said were purchased during the weekend, about 3.5 million were iPhone 5c models that the company sold to global wireless carriers, according to Piper Jaffray analyst Gene Munster. The cheaper version will attract owners of devices that run Google Inc.’s Android software, according to Benedict Evans, an analyst at Enders Analysis in London. ‘The 5c customer is under contract with an Android phone and will steadily feed into sales over the next year,’ Evans wrote in an e-mail.”
Read more in the full article here.
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