Apple Inc said on Monday it has sold 1 million units of the new iPhone in its initial weekend, on par with estimates set by analysts, sending its stock rising more than 2 percent. The original iPhone, introduced in late June 2007 in the United States only, sold about 270,000 units in its first two days. Sales had topped 1 million units by early September. Still, iPhone sales pale compared with those of established mobile phone makers, such as Nokia, which sells almost 10 million phones each week, or Samsung Electronics Co Ltd and LG Electronics, which each ship more than 100 million phones a year.
While those phone makers often unveil dozens of models in year, Apple has only one, and its sales spark a retail frenzy as consumers around the world line up to grab one. Perhaps more important, the new iPhone sells for about $200 in the U.S., about one-half the price of its predecessor. Analysts expect Apple to exceed its original target of 10 million iPhones by the end of 2008.
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