iPhone 5 sales hits $700 after the first-day record high, Apple

The shares of Apple Inc.’s newly released iPhone 5 have already outwitted its record first-day orders amounting to $700. This has built in confidence that the company will still be producing a growth in the revenue into the most valuable business in the world, the mobile industry.
On Tuesday, shares increased to less than one percent to $701.91 during the closing mark of the trade. This is for a market capitalization of nearly $650 billion. The stock has actually climbed up by 73% in 2012.

On the first-day of live orders, the new iPhone 5 has sold about two million units, featuring its bigger screen, lighter body, and faster chip. It surpassed the record of the previous model more than double.

Ever since the launching of Apple in the market, the devices has become the top-selling product for the company, which makes about two-thirds of Apple’s profits. Increasing shares indicate that Apple can withstand the also increasing competition from Google Inc. and Samsung Electronics Inc. in the smartphone market of about $210 billion.

Callaway Digital Arts Inc.’s CEO Rex Ishibashi remarked that it still makes an awe out of him everytime he is faced with such news, making him reflect on how important these devices have become in the digital technological world we live in now.