IPhone Sales Hit 1M; Moving Toward 3G

Shares in Apple Inc. are up 4.2% to $137.22 in midday trading Monday after the company said it has reached the one-million-iPhones-sold mark ahead of its own forecast. The company previously expected to sell one million units by the end of September. "One million iPhones in 74 days -- it took almost two years to achieve this milestone with iPod," said CEO Steve Jobs. Last week, Apple cut the price of its high-end iPhone by $200 from $599 to $399, sparking speculation sales were lagging. As one pundit noted, Apple will now have to sell another 1.67 million iPhones just to produce the same revenue it did with its first million. Separately, the Inquirer reports Apple has struck a deal with wireless tech firm Interdigital to use the company's 3G radios and interfaces in an upcoming iteration of the iPhone. The new iPod line, the Inquirer says, proves Apple has the ability to shrink its electronics even further, "meaning that room for a 3G radio should open up in the next few months." 24/7 Wall Street says several AT&T stores have told it they expect the 3G iPhone "soon."

Sources: Press release, Inquirer, 24/7 Wall Street
Commentary: iPhone Sales Dominate Smart Phone Market • iPhone Price Drop Is A Bad Sign
Stocks/ETFs to watch: AAPL. Competitors: MOT, NOK, RIMM, PALM

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Comments

[Tom B:]

Whoo-hoo. When these puppies hit the EU, it should dwarf the market penetration we are seeing here in the States, where people are less cognizant of what kind of things one can do on a phone.

2007 Sep 10 02:19 PM

[samij:]

I think the relevant question is not how many more iphones apple has to sell to achieve the same revenues than before the price cut but rather how many it needs to sell to achieve the same profits...

2007 Sep 10 04:32 PM