Demand soars for the new Apple iPhones

Apple sold a higher-than-expected 9m iPhone 5s and iPhone 5c models in the first three days following their Friday launch, prompting the company to issue a more optimistic financial forecast.

Apple shares rose 4.5 per cent to $488.64 following the news.

Sales of the new models were nearly double those of the iPhone 5 in the first weekend after its launch a year ago. The iPhone 5 sold 5m in its first three days on the market.

Hide Ad
Hide Ad

“It’s a great number,” Colin Gillis, an analyst with BGC Partners, said of the sales figure for the 5s and 5c.

“We have been saying they will be selling every 5s they can make and it looks like that is the case.”

Wall Street analysts had expected Apple to sell about 6m of the two new iPhones.

Apple tweaked its financial forecast to reflect the higher sales, an unusual move for the company.

Hide Ad
Hide Ad

It said revenue in the fiscal fourth quarter would be near the high end of its previous forecast of $34bn to $37bn. It said gross profit margin would come in at the top of its previous forecast of 36 per cent to 37 per cent.

Daniel Ernst, an analyst with Hudson Square Research, said iPhone sales show Apple still has a deep connection with its customers.

“The critics have told you Apple lost its magic,” he said. “Customers are telling you something very different. Clearly, people like the product. That sentiment is almost more important than the number.”

Demand for the iPhone 5s has exceeded initial supplies, and many online orders are scheduled to be shipped in the coming weeks, Apple said. On Friday, long lines formed outside stores for the new top-of-the-line 5s and the less-expensive 5c. It was the first time Apple launched two iPhone models simultaneously.

Hide Ad
Hide Ad

The gold-colored version of the 5S, which also comes in silver and gray, was sold out as of Friday and will now ship only in October, according to Apple’s website.

As of Monday, the two other colours were also set to be shipped only in October.

“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,” chief executive Tim Cook said.

Apple has a store in Leeds.

Related topics: