Apple says sales of its new iPhones are on pace to beat the ten million units it sold during the first weekend of sales last year. Shartia Brantley reports.
Apple says sales of its new iPhone are on pace to beat the ten million units it sold during the first weekend of sales last year. But the company did not disclose the exact number of pre-orders it has received. Consumers in China are being credited with the positive pace of sales. This was the first time they were able to pre-order. Apple derives the bulk of its revenue from its smartphones. There is concern that increased competition may impact those sales. Reuters' Johnathan Weber. (SOUNDBITE) JOHNATHAN WEBER, REUTERS CORRESPONDENT (ENGLISH) SAYING: "You know, the big question though is whether this will be the first quarter where they might actually have lower sales than in the year prior, and, so, that's kind of the benchmark that a lot people are watching. I think, it's clear these products are going to be a success, but whether they are as successful as the last release is not clear." However, Weber says since the iPhone is so profitable, Apple can afford some margin compression from increased competition. Shares of Apple rose more than one percent. The phones will begin shipping on September 25th.