Apple's iPhone 5 effectively sold out in short order on its website Friday, helping send Apple shares to a record high.
Shares of the Cupertino company climbed 1.2 percent to close at $691.28, extending gains for the year to more than 70 percent.
Shortly after it began accepting orders Friday morning, Apple said iPhone 5 handsets ordered from its online store won't be shipped for two weeks, a week later than has been announced, indicating a sellout of available units. The new phone is expected to begin shipping Sept. 28.
"The initial batch is sold out," said Shaw Wu, an analyst at Sterne Agee & Leach Inc. He raised his sales estimate for the quarter ending in September to 26 million, from 23 million, adding: "We think that could turn out to be conservative."
A spokeswoman for Apple didn't respond to a request for comment.
While previous iPhone models sold out quickly online, "I don't think it happened quite this fast," said Tavis McCourt, an analyst at Raymond James & Associates. "The speed here is unusual."
Mobile carriers AT&T, Sprint and Verizon still have the iPhone available to order with delivery by Sept. 21, according to the companies' websites.
58 million estimate
Analysts estimate that as many as 58 million of the latest iPhone could be sold by the end of the year. That could generate as much as $36.2 billion in sales for Apple.
The phone's planned Sept. 21 release date, earlier than the iPhone 4S hit the market last year, and its popularity means wireless carriers may gain customers, but have to pay millions of dollars in subsidies in the third quarter, hurting their bottom lines.
That's prompting analysts to lower quarterly profit projections for Verizon and AT&T. The companies both cover most of the cost of the device, bringing its $600-plus price down to $199 for customers who sign up for two-year contracts.
"The iPhone is a double-edged sword for the carriers," Craig Moffett at Sanford C. Bernstein said Friday. While the iPhone helps fuel customers' use of data, leading to higher phone bills, the initial costs create short-term pain, he said.
Another potential drawback to the iPhone's popularity is higher customer turnover, Moffett said. All three of the major carriers now offer the iPhone. The release may spur customers to move from one carrier to another, increasing the rate of turnover for the companies.
And the carriers have some new competition. For the first time, Walmart, the world's largest retailer, also has begun taking orders for the phone - and offering discounts on the device.
Cheaper price
The iPhone 5 will sell for $189.97 with a two-year contract, said Sarah Spencer, a spokeswoman for the retailer. That's cheaper than the $199 price announced by Apple.
Meanwhile, the number of new technology products - including the iPhone 5 - being released during the next few weeks is expected to drive up rates for shipping by air.
Apple, Google, Microsoft and Amazon.com are offering an array of new smartphones and tablets this fall. So many devices shipping at once may spur a larger price increase than the 20 percent jump seen after the release of Apple's new iPad in March, said Kevin Sterling, a transportation analyst at BB&T Capital Markets.
Bright spot
The gadget convergence is a bright spot for air-freight companies in a pre-holiday shipping season clouded by weak job growth. Shipments of iPhones and tablet computers may reach as much as 20 million pounds, said Satish Jindel, president of SJ Consulting Group in Sewickley, Pa.
Technology companies routinely choose to ship products by air because of their strict pre-release security and short timetables for delivery to retailers, analysts said.
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