Apple on Track to Sell 1 Millionth iPhone; Shares Up
Apple said Monday it has sold its one-millionth iPhone, just days after cutting the price of its smartphone by $200 and a few weeks ahead of the expected date to reach that target.
Apple shares rose almost 3 percent on Nasdaq after the news and shares of AT&T, the only U.S. wireless service provider selling the phone, rose more than 1 percent on New York Stock Exchange.
The device, launched to much fanfare 74 days ago, combines a mobile phone, Internet browser and music and video player. Apple has said it will sell 10 million by the end of 2008.
Apple, which said last week it was on track to sell 1 million iPhones by the end of September, saw its shares rise $3.81, or 2.89 percent, to $135.58 in morning trading. Apple stock had fallen last week when the company said it was cutting the price of the phone as some investors took this as a sign of weaker-than-expected demand.
AT&T stock was up 48 cents at $39.21.