Apple Sells 2 Million iPhones in One Day

iPhone fans pre-ordered 2 million iPhone 5’s in its first 24 hours of availability. The sales frenzy sent Apple’s stock to $700 briefly – a number it is expected to surpass during the upcoming holiday season.

At $700 a share, Apple is worth $658 billion. Just last month, Apple became the most valuable company in US history – surpassing rival Microsoft.

If Apple were a country, that would put Apple somewhere between the GDP’s of Switzerland and Turkey.

It won’t be easy for Apple to keep up with demand. The iPhone 5 craze has already depleted Apple’s inventory.

The shipping date for pre-orders has been pushed back to at least September 28. iPhone 5’s are expected to show up at retail stores on September 21.

The $220 billion smartphone market is headed towards a record breaking holiday season as Thanksgiving and Christmas approach. Samsung is reporting that its Galaxy S3 phone is on the way to over 30 million in global sales by the end of the year.

Rumors abound of the Galaxy S4. Samsung has denied the rumors, but we can’t ignore reports of the Galaxy S4 hitting the shelves in February-March 2013.

Samsung is counting on more frequent product cycles as opposed to Apple’s longer intervals between new iPhone and iPad releases.