Chicago Tribune columnist Eric Benderoff wrote in his blog that he waited in a line that was about "50 yards long" outside an AT&T store in the Windy City only to hear the doorkeeper yell at 9:45 a.m. that the store was already out of the new iPhones in 16-gigabyte models. The scene must have been replicated throughout the country as Apple Inc. reported on July 14 that it had sold 1 million iPhone 3Gs just three days after its launch on July 11.
Both models of the new iPhone are priced $200 cheaper than the first-generation phone and can access faster cellular networks.
Based on results from the original iPhone's launch, the lower price and new features appear to be making waves with consumers.
"iPhone 3G had a stunning opening weekend," said Apple CEO Steve Jobs in a July 14 statement. "It took 74 days to sell the first 1 million original iPhones, so the new iPhone 3G is clearly off to a great start around the world."
| At A Glance Apple Inc. Cupertino, Calif. Primary Industry: Computers & Other Electronic Products Number of Employees: 21,600 2007 In Review Revenue: $24 billion Profit Margin: 14.56% Sales Turnover: 0.95 Inventory Turnover: 51.47 Revenue Growth: 24.29% Return On Assets: 20.32% Return On Equity: 35.02% |
That same day, Apple said its iPhone online applications store topped 10 million downloads in its first weekend. The App Store offers iPhone and iPod users mobile applications including games, location-based social networking, medical applications and enterprise productivity tools. Most downloads are available for less than $10 while more than 200 are available for free.
About a month earlier Apple said its iTunes store sales reached 5 billion songs sold.
Apple will release its third-quarter results on July 21 at 11 a.m. EDT.
Interested in information related to this topic? Subscribe to our weekly Leadership Insights From The IW 50 eNewsletter.
