Apple Boosted by Strong iPhone Sales
Posted on July 5, 2007Reuters reports that Apple shares climbed over 3% on Thursday as investors were excited by the possibility of extremely strong iPhone sales.
500,000 iPhones had already been sold on the launch weekend after geeks waited in long lines to own the gadget. Apple also seems to be keeping up with demand. One sign of this is the fact that eBay sellers have been somewhat frustrated and have been unable to sell iPhones for much more than the retail price. That should be good news for Apple. You want a hot gadget that everyone wants but you also want to keep the supply strong enough that everyone who wants one can buy it."The stock is obviously anticipating very very strong sales for the iPhone and very good follow-through sales," said Andy Hargreaves of Pacific Crest Securities. "The stock isn't going to be a one-month wonder."
Apple has said it will start selling iPhones in Europe this year and in Asia in 2008, but gave no further details.
European media reports this week have said Apple may be close to deals with carriers in France, Germany and Britain, a three-country strategy that would mimic the launch of its popular iTunes online music store in Europe in 2004.
Apple shares have increased more than 50 percent since the company unveiled in January the cell phone that combines Web browsing with the music and video playing capabilities of its best-selling iPod device.