Shares of Apple (AAPL) stock climbed above $700 for the first time ever just after the close of Monday’s trading session. The stock opened up more than $8 above Friday’s close on news that Apple had sold more than 2 million iPhone 5 handsets during the device’s first 24 hours of pre-sales availability, and it then climbed past $700 during after-hours trading just minutes after the stock closed at a record-high $699.80 on Monday. Apple sold about 1 million iPhone 4S smartphones during the same period last year. Preorders for the iPhone 5 went live at 3:01 a.m. EDT on Friday and Apple’s launch-day inventory was sold out in less than an hour. Apple’s iPhone 5 launches on September 21st and sales are expected to reach between 5 and 6 million units during the handset’s launch weekend, including preorders.
Heavy iPhone 5 demand sends Apple stock soaring to $700 for first time ever
Updated Dec 19th, 2018 8:35PM EST
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Zach Epstein has been the Executive Editor at BGR for more than 15 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.
His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.
