Apple saw its shares skyrocket and surpass the $700 mark for the first time in its history, according to the tech giant’s record numbers of iPhone 5 preorders.
The latest Apple smartphone is expectedly selling like hotcakes despite most consumers who preordered around two million iPhone 5 units have yet to see or use the handset in real life.
Apple is saying it was happy with the high number of preorders, so iPhone followers and loyalists allowed pinstriped moneymen to get their orders in for the company’s shares, which sent the stock price beyond $700.
With its shares gradually increasing since the iPhone 5 launch, shareholders are basking with a $40 increase in Apple’s share price.
In perspective, Apple’s $40 share price increase could just about buy one share of Dell and one share of Microsoft.
However, Apple’s share price also reflects another factor other than its iPhone 5 sales.
Another main reason for the company’s latest rally revolves around iPhone 5 consumers who spend more cash at the iTunes App Store and on Apple’s other services.