Apple Struggling To Keep Up With iPhone Demand

Consumer electronics giant Apple has acknowledged that it has been taken aback by the level of demand for its new iPhone 3GS smartphone according to its Chief Operating Office, Tim Cook.

Cook who appeared to be genuinely surprised said that "the demand has been staggering almost in every country that we've shipped in"; and that is before Apple launches the iPhone 3GS in 20 more countries next month to bring its total to more than 70 countries.

Apple's CFO, Peter Oppenheimer, added that they "are currently unable to make enough iPhone 3GSs to meet robust demand, and we're working to address this". Ironically, Apple's depleted stocks could be an opportunity for other smartphone manufacturers to swoop in and capture marketshare.

The company, which recorded a gravity-defying 15 percent increase in Q2 profits, made and sold more than 5.2 million iPhones in the past quarter, that's a 700 percent increase over the same period in 2008.

Unsurprisingly, the company's stock surged massively, up 4.6 percent to $158.47, valuing the company at $141 billion and is on track to surpass IBM and AT&T fairly soon at this rate.

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