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Heavy iPhone 5 demand sends Apple stock soaring to $700 for first time ever

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.

Zach Epstein

Zach Epstein has worked in and around ICT for more than 15 years, first in marketing and business development with two private telcos, then as a writer and editor covering business news, consumer electronics and telecommunications. Zach’s work has been quoted by countless top news publications in the US and around the world. He was also recently named one of the world's top-10 “power mobile influencers” by Forbes, as well as one of Inc. Magazine's top-30 Internet of Things experts.

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