Apple Sells 9 Mil New iPhones Over Weekend, Stock Surges

Apple Stock Iphone

Apple said it sold a record 9 million new iPhone 5s and iPhone 5c smartphones in three days — and depleted its stock of the higher-end 5s models — with shares opening 6% higher Monday.

The company also said more than 200 million iOS devices have upgraded to iOS 7, which Apple claimed makes it fastest software upgrade in history.

Apple now expects revenue for its fourth fiscal quarter ended Sept. 28 to be near the high end of its previous guidance of $34 billion to $37 billion, the company said in a filing Monday with the Securities and Exchange Commission.

Still, Apple’s stock is below levels prior to the announcement of the iPhone 5s and 5c. The stock closed at $506.17 per share on Sept. 9, and opened Monday at $496 per share.

Many Wall Street analysts had predicted iPhone sales would be around 6 million over the three-day weekend period. The stronger-than-expected showing for the debut of the iPhone 5s and 5c comes after Apple lost some $34 billion in market cap value from Sept. 10 to 11 following the announcement of the new iPhones, as investors were expecting cheaper phones for emerging markets like China and possibly a new product line like a TV.

SEE ALSO: Apple iPhone 5s and 5c Debut Leads to Long Lines, At Least One Brawl

Apple’s previous single-weekend record for iPhone sales was 5 million for the iPhone 5 last September.

Before the new iPhones went on sale at 8 a.m. Friday local time worldwide, long lines queued up at Apple Stores with particularly strong demand for the gold and “space grey” versions of the iPhone 5s. The 5s also features a new fingerprint reader that can unlock the phone.

“The demand for the new iPhones has been incredible, and while we’ve sold out of our initial supply of iPhone 5s, stores continue to receive new iPhone shipments regularly,” Apple CEO Tim Cook said in a statement. “We appreciate everyone’s patience and are working hard to build enough new iPhones for everyone.”

The iPhone 5s comes in gold, silver and what Apple calls “space gray,” for list prices of $199 for the 16-gigabyte model, $299 for 32 GB and $399 for 64 GB, with a two-year wireless contract. The iPhone 5c comes in blue, green, pink, yellow and white, priced at $99 for the 16 GB model and $199 for 32 GB, also with a two-year plan.

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  1. Mjkbk says:

    The retailer stocks of the higher-end 5S phone were DELIBERATELY kept low by Apple, in order to make it sound like an amazing number were sold. Except, Apple has not revealed how MANY of that specific model actually went out the door. Only that the “stocks were depleted”……the abnormally LOW stocks.

    And as usual, the lovestruck infotainment media buys into the whole Apple PR spiel without asking any pertinent questions.

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