iPhone 5 Sales Mean More Than Profit For Apple
MIAMI (CBS4) - If the release of the latest iPhone is any indication, people have not lost their love for all things Apple.
The lines to buy a new iPhone 5 were estimated to be about 83 percent longer than for older models.
About 8 million of the latest generation are expected to be sold this weekend alone and that's expected to turn the new phone into an international economic powerhouse
It's the first Apple smartphone built to use the latest 4G high-speed data networks.
Apple reports selling 2 million devices the first 24 hours after opening pre-orders and it's expected to ship about 10 million units by the end of this month alone.
Starting next week, Apple will start selling the iPhone 5 in 22 more countries and its' stock is now selling for more than $700 a share --with the company valued at $660-billion dollars.
That's not too bad for a small business that started with a dream in a garage..
And for every new phone owner, local businessman Terry Kay sees a potential new customer with an older phone to sell: Terry cleans them up and resells them himself offering cash on the spot for older iPhones.
Besides the handset itself, accessory sales for the iPhone 5 could shoot through the roof -- especially because adapters are needed to help convert the phone's newer, smaller plug.
It's not only a big deal for tech savvy customers, it's also going to mean good business for everyone involved from manufacturing. to sales, to Wall Street's tech sector.
