Well, regardless of how divided techies maybe about the new iPhone, customers are surely lapping up the iPhone 5, with reports just in that the tech giant has recorded a staggering 2 million pre-orders in just 24 hours, sending stock prices rocketing.
The iPhone 5, the latest in a series of bestsellers, was released last week in San Francisco, and while reactions to the smartphone itself have been varying—with some techies calling it “the best smartphone on the market” and others simply labeling it as “boring”—that hasn’t stopped customers from going new-product-crazy, creating such a demand for the new smartphone that some customers may not get their new devices until October.
And because of the phenomenal demand, the effect on Apple’s stock has been considerably positive, sending the price up by $8 to a record $699.55, adding to the string of increases that has seen the stock price jump in value by nearly 70 percent over the past year.
In comparison to previous iPhones, the iPhone 5 has effectively broken their respective records with the 2 million pre-orders. The iPhone 4S clocked 1 million sales in its first 24 hours, the iPhone 4 only a modest 600,000. This, of course, shows just how much customers had been waiting for the new phone, which being lighter, slimmer and taller may not offer any particular innovation but still has enough brand loyalty to command such phenomenal demand. Apple itself gushed at the response, with the firm’s senior vice president of worldwide marketing, Philip Schiller, saying, "The iPhone 5 pre-orders have shattered the previous record held by iPhone 4S and the customer response to iPhone 5 has been phenomenal," while a company statement added, “Demand for iPhone 5 exceeds the initial supply and while the majority of pre-orders will be delivered to customers on September 21, many are scheduled to be delivered in October."
Of course, there is speculation as to whether Apple will meet this resounding demand. Being its chief product, Apple’s fortunes are tied to the success of the iPhone—accounting, according to the company’s financial reports, for more than half of its net sales.
Indeed, analysts have predicted that with the rate that demand is going, Apple could sell around 10 million units by the end of the month and around 50-60 million by the end of the year.