iPhone orders boost Apple shares

Apple shares hit a new record high of almost $700, after the firm revealed it had received two million pre-orders in 24 hours for its iPhone 5. Most will be delivered to stores later this week, but due to high demand, some customers will not receive their new handsets until October, Apple said. The latest model - taller, lighter and 4G-enabled - was launched in San Francisco last week. Apple shares have risen more than 70% since the start of the year. In early trading in New York, its shares ros$8 to $699.55, before dropping back slightly. "The customer response has been phenomenal," said Philip Schiller from Apple. The previous record for pre-orders was for the iPhone 4S, which got one million in the first 24 hours, compared with the relatively modest 600,000 pre-orders for the iPhone 4. Customers in the UK, who have paid up to £699 including VAT for their new handset, will be able to pick them up from 0800 on Friday. Sales of iPhones are crucial to Apple's fortunes, accounting for more than half its total net sales, according to the firm's most recent earnings report. Some analysts estimate that Apple could sell up to 10 million iPhone 5s by the end of the month, and 50-60 million by the end of the year. However, concerns have been expressed as to whether Apple will be able to meet the demand in the coming months, delaying the delivery of handsets.

iPhone orders boost Apple shares 2012-09-17T12:08:00-07:00 Rating: 4.5 Diposkan Oleh: Undercover 999