New Apple's shares closed at a record high of almost $700 as the firms received two million pre-orders for its newly unveiled iPhone 5. Apple shares ended $8.50 higher at $699.78, a gain of 1.23 percent on the day. Its shares have risen more than 70 percent since the start of the year. "The customer response has been phenomenal", said Philit Schiller from Apple.
The previous record for pre-orders was for the iPhone4S, which got one million in teh first 24 hourrs, compared with the relatively modest 600,000 pre-orders for the iPhone4. Sales of iPhones are crucial to Apple's fortunes, accounting for more than half of its total net sales, according to the firm's most recent earning report. Some analysis estimate that Apple could sell up to 50-60 million iPhone 5 units by the end of the year. However, concerns have been expressed as to whether Apple will be able to meet the demand in the coming months, delaying the delivery of handsets.
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