Apple share price set to smash $700 thanks to iPhone 5 bonanza

Apple stock could reach $700 (£430) today after the company announced yesterday that it had sold more than two million iPhone 5 units in 24 hours - more than any previous iPhone releases.

The phone will be available in a number of markets globally from this Friday and even its £529 SIM-free price, as well as competition from aggressive Android smartphone vendors, hasn’t dissuaded customers from looking elsewhere.

Apple’s next milestone will be its Q4 Earnings Release on 15 October, 10 days before Microsoft unveils Windows 8 as well as Microsoft Surface, its iPad rival, and almost certainly Windows Phone 8, which is its answer to iOS.

Apple’s market capitalization is currently hovering around $656 billion (£404 billion), more than Google, HP, Dell and Microsoft put together.

The company unveiled the iPhone 5 last Wednesday at a special event in San Francisco. The device improves on the iPhone 4S by adding a bigger, higher-resolution Retina Display screen, a better processor and graphics, a better camera, a bigger battery, a slimmer chassis and enhanced audio.

Source: Apple

You can win an iPhone 5 in our iPhone 5 competition by answering a simple question about what generation the Phone 5 is. Check ITProPortal live report on Apple’s announcement. Other than theiPhone 5, we saw new iPod devices but no cheaper version of the iPhone 4S, an iPad mini and potentially a 13in Macbook Pro with Retina Display.