iPhone News Desk
iPhone 5 a Blowout
The iPhone contributes roughly two-thirds of Apple’s juicy profits
By: Maureen O'Gara
Sep. 18, 2012 08:00 AM
Apple said Monday that iPhone 5 pre-orders topped two million units in 24 hours, which is more than double the record set by the previous iPhone 4S model.
The announcement pushed Apple stock to within a hair's breath of $700, which was where it started going when it became apparent that Apple's initial supply was sold out within an hour last week pushing some deliveries into October.
Apple says most pre-orders will be delivered on Friday, September 21.
AT&T also reported record orders through the weekend but offered no numbers.
Pictures put out by Bloomberg show people starting to camp out in front of Apple's Fifth Avenue store in New York ahead of the device going on sale at 8am on Friday.
The iPhone, which has sold 244 million units since it first launched in 2007, contributes roughly two-thirds of Apple's juicy profits, making it largely responsible for Apple being prized as the world's most valuable company.
Apple means to start selling the phone in 22 other countries on September 28 fanning out to 100 counties by the end of the year. The aggressive schedule is probably meant to ward off sales going to Samsung, Microsoft and other rivals.
Gartner figures Android phone will capture 60% of the market by the end of the year to Apple's 22%.
The iPhone 5 is thinner and lighter than its forebears with a bigger four-inch Retina screen and a faster A6 processor.
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