September 23, 2013

Apple sells record 9 million new iPhones in first weekend

The Associated Press

(Continued from page 1)

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A sales clerk pulls out an iPhone 5s for a customer during the opening day of sales of the iPhone 5s and iPhone 5C, in Hialeah, Fla., on Friday.

The Associated Press

"We appreciate everyone's patience and are working hard to build enough new iPhones for everyone," Cook assured consumers in his Monday statement.

Apple didn't provide individual sales figures for the 5C and 5S, but figures released by a mobile research and marketing firm indicated the more expensive model has been far more popular. Within the first two days of sales, Localytics found three times more 5S models were being activated than the 5C.

The new features in the 5S include a sensor that allows people to use fingerprints instead of a numeric code to secure their iPhone and a quicker processor. The iPhone 5C is nearly identical to last year's iPhone 5 except the new model comes in a variety of bright colors with a plastic casing instead of aluminum. The 5C sells for $99 with a two-year wireless contract, Apple's lowest price yet for a new iPhone.

An update to Apple's financial projections for its current quarter suggested that the higher-priced iPhone is accounting for most of the early sales. The company said it expects its revenue for the quarter ending this month to be about $37 billion. Management had previously predicted its revenue could be as low as $34 billion. Apple anticipates its profit margins be at the top end of earlier forecasts.

Apple rarely provides more insight about its quarter this late into the three-month reporting period, according to Barclays analyst Ben Reitzes. He interpreted the departure from company protocol as a sign that Apple is confident it will prove its skeptics wrong.

"It implies a message from management that the company is back on track," Reitzes wrote in a Monday research note.

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