BBC News – Economy – Apple shares jump on demand for iPhone 5

iPhone 5

Customers in the UK have paid £699 for the new phone

Apple shares have closed at an all-time high of about $700 on the back of 2 million orders for the recently launched iPhone 5.

Apple says these phones will be delivered to most of these people by the end of this week, but due to high demand, some people will have to wait until October.

The larger, lighter, 4G iPhone launched in San Francisco last week.

Apple shares closed up $8.50 at $699.78, an increase of 1.23%.

70 percent increase

Since the beginning of this year, the company’s shares have risen 70 percent.

Apple’s Philip Schiller said: “There is a lot of enthusiasm among customers.”

The previous record was held by the iPhone 4S, which received one million orders in the first 24 hours, while the iPhone 4 received only six lakh orders.

UK customers have paid £699 including VAT for the new phones and will be able to pick them up on Friday.

According to the company’s latest report, the sale of the iPhone is important for the future of Apple because more than half of the company’s sales are from them.

Some analysts estimate that Apple could sell 10 million iPhone 5S by the end of this month and between 50 and 60 million by the end of this year.

But concerns are being raised about whether Apple will be able to meet this demand in the coming months.

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