iPhone 5 Release Date Finally Here: Sales to Boost U.S. Economy by $3.2 Billion Says J.P. Morgan
Sep 21, 2012 10:11 AM EDT
People across the globe line-up in front of Apple stores all around America, Europe and Australia to bu the latest smartphone - iPhone 5. According to reports Apple sold two million units with 24 hours of its launch on September 12, and analysts say that phone could sell ten million pieces by the end of this month.
As expected the advent of the iPhone 5 has delivered Apple Inc. with stocks as high as $701.34 on Tuesday morning in New York as reported by Bloomberg. The report suggests that Apple's stocks have advanced 73 percent since 2011 with a $657 billion market capitalization. Such will be the impact of the iPhone sales that J.P. Morgan predicts that the sales will boost the U.S. economy by $3.2 billion.
So great is the demand for the new generation smartphone that Apple has said that it cannot ship inventory till September 28. The iPhone 5 has sold out double that of its predecessor
Initially Shaw Wu, an analyst at Sterne Agee & Leach Inc. predicted that Cupertino company would sell 23 million units, but now Wu tells Bloomberg that that number has gone up three million. "The initial batch is sold out...We think that could turn out to be conservative," referring to the new 26 million unit sales prediction.
The highly awaited iPhone 5 was launched on September 12 by Apple Inc. in San Francisco, after months of anticipation, CEO Tim Cook and vice president of marketing Phil Schiller announced at Yerba Buena Center for the Arts Theater in San Francisco Apple's latest smartphone - the iPhone 5. Schiller told a room full of people, "It's an absolute jewel," as reported by Fox News.
Apple's rival Samsung Electronics Co. might see a drastic change from early September's sales reported which indicated that the South Korean company's latest smartphone Galaxy S3 outsold Apple's iPhone S4. According to the report, over 20 million the Galaxy S3 were sold worldwide in less than three months. Within the first month of its release, the flagship smartphone powered the Android operation system out beat Apple's iPhone S4 in sales with all major US mobile carriers: Verizon, AT&T, Sprint and T Mobile.
Samsung Electronics Co. is currently struggling to keep their other products on the market as a result of Apple's injunction against eight Samsung products upon winning a patent infringement case earlier this month. A jury in San Jose, California ruled that Samsung should pay $1.05 billion to Apple for copying some of the company's patented designs. Samsung is adamant on reversing the ruling and will be appealing the decision.
Now that Apple has launched the iPhone 5, all eyes are turned to Apple's next big launch - iPad Mini. On September 12 Apple's CEO Tim Cook and vice president of marketing Phil Schiller announced at Yerba Buena Center for the Arts Theater in San Francisco Apple's latest smartphone - the iPhone 5. But there was no mention of the iPad Mini, which was rumored to be launched alongside the iPhone 5. Now the whispers on the corridor suggest that Apple plans to reveal the much awaited tablet in October.