Tuesday, September 24, 2013

[TECH TALK]: Apple Sells 9 Million IPhones in Debut Weekend


Apple Inc. sold a record 9 million iPhones in the weekend debut of two new models, as the company included China in the rollout and consumers snapped up handsets with more colorful options and a fingerprint reader.

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.

“While we’ve sold out of our initial supply of iPhone 5s, stores continue to receive new iPhone shipments regularly,” Chief Executive Officer Tim Cook said in the statement. “We appreciate everyone’s patience and are working hard to build enough new iPhones for everyone.”

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. The iPhone is Apple’s most important product, accounting for half of revenue. The company has seen sales and profit growth slow and has ceded share of the $280 billion smartphone market to Samsung Electronics Co. (005930) and other rivals.

“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.”

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