Apple Sells 600,000 iPhone 4 In 24 Hours, Apologises For Delays

Shares of Apple shot up today as the company issued a succinct statement saying that it had taken preorders for more than 600,000 iPhone 4 from its network partners in 24 hours, the biggest ever transaction of this type.

At $199 a pop for the cheapest iPhone 4 model, this means that the company has brought in certainly more than $120 million dollars in revenues in a single day given that Apple collects a share of revenues from network operators and that the phone is on sale SIM free in the UK.

The statement did not mention the iPhone 3GS 8GB model but did stress that it apologised for what it calls "many order and approval system malfunctions". This, the company said, caused many customers to be turned away or abandon the buying process in frustration.

The Cupertino-based company helped keep the Nasdaq stable as other tech companies, like Microsoft, dropped. Apple has consolidated its position as the biggest technology company worldwide with a market capitalisation of $243 billion and should reach a quarter of a trillion dollars by the end of the month.

AT&T also confirmed that the device sold ten times better compared to the iPhone 3GS. The iPhone 4 goes on sale on Thursday 24th and will try to get its own 32GB version.