Apple hits new high, sets iPhone record

Shares climb after the company says it sold more than 4 million new iPhones in 3 days.

By TheStreet Staff Oct 17, 2011 2:36PM

TheStreetBy James Rogers, TheStreet

 

Apple's (AAPL) stock hit a new high Monday shortly after the gadget maker announced record sales of the new iPhone 4S.

 

"IPhone 4S is off to a great start with more than four million sold in its first weekend -- the most ever for a phone and more than double the iPhone 4 launch during its first three days," Philip Schiller, Apple's senior vice president of worldwide product marketing, explained in a statement released before the market open on Monday.

 

Investors responded positively to the iPhone 4S numbers, pushing the company's stock up to a new 52-week high of $426.70 during morning trading, though later in trading shares pulled back to just under the $420 mark.

 

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Apple also announced that more than 25 million customers are using its new iOS 5 mobile operating system. Some 20 million customers have signed up for the tech giant's new iCloud service, it added.

 

The iPhone 4S, which was unveiled in a blaze of publicity earlier this month, disappointed some Apple fanboys who were hoping for new hardware in the shape of an iPhone 5. Consumers, however, are clearly keen to get their hands on the new features within the iPhone 4S, which include a faster processor, an improved camera and the 'Siri' voice-activated assistant.

 

Last week, Apple noted extremely robust initial demand for the iPhone 4S, explaining that the device had broken the company's record for pre-orders in a single day.

Apple reports its fourth-quarter results after the market close on Tuesday.

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