CUPERTINO, Calif. — Orders for the iPhone 5 topped 2 million in their first 24 hours, more than double the number of its predecessor over the same period.
Since Apple started taking iPhone 5 orders on its website Thursday at midnight Pacific time, buyers who have a two-year service agreement with AT&T, Sprint or Verizon Wireless have been able to order the phone for $199 (16 gigabyte model), $299 (32 GB) or $399 (64 GB model).
Apple said Monday that while most orders will be delivered on Friday, demand for the iPhone 5 exceeds the initial supply. As a result, some of the devices are scheduled for delivery in October.
The Cupertino, Calif., company’s stock added 1.2 percent, or $8.50, to close at $699.78 on Monday.
T. Michael Walkley, an analyst with Canaccord Genuity, said he believes the iPhone 5’s “differentiated form factor versus the iPhone 4S” and other improvements should drive strong iPhone 5 sales.