Just two days after Apple unveiled the new iPhone 5, initial stocks of the smartphone are already sold out from wireless carriers AT&T and Verizon. Strong consumer demand for Apple’s latest version of the iPhone has sent the shares of $AAPL to new all-time highs. Currently $AAPL is trading at $694.02 (up 1.62% today), putting Apple within range of $700 a share, which would be another significant milestone for the world’s highest-valued company.
Customers who pre-order now will have to wait an additional few weeks to receive their iPhone 5, though this is not uncommon compared to previous iPhone launches.
The new iPhone 5 (which we wrote about here) is seen as a significant upgrade from the 4GS. The screen is larger, the phone is thinner and faster, it supports LTE (a major boost for Verizon customers), and importantly for customers, it can be purchased for identical prices as the 4GS at its launch time. Production costs for the iPhone 5 are the highest yet among all previous versions of the iPhone, but Apple is hoping that additional features and millions of remaining 3GS owners will throw down the cash to upgrade. However, Apple is now facing its greatest amount of competition ever, particularly from Samsung. Android phones overall are outselling iPhones 4-to-1, and Android users have remained loyal to the mobile OS. Thus, it seems like the battlegrounds are now focused on first-time smartphone users, of which there still remains millions.
Are you going to upgrade to the new iPhone 5? Let use know in the comments!