Apple Inc has sold 1 million new iPhones in the weekend.

July 15th, 2008 - 12:35 pm ICT by Amrit Rashmisrisethi  

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“IPhone 3G had a stunning opening weekend,” Apple Chief Executive Steve Jobs said in a statement. “It took 74 days to sell the first 1 million original iPhones, so the new iPhone 3G is clearly off to a great start around the world.”

Steven Hodges, President for the Northeast region for AT&T Inc said , “It’s definitely in the center of demand,” he said at the operator’s holiday phone showcase in New York. Still, iPhone sales pale compared with those of established mobile phone makers, such as Nokia Oyj, which sells almost 10 million phones a week, or Samsung Electronics Co Ltd and LG Electronics Inc, which each ship more than 100 million a year.”

“They’re more open to it,” he said, adding that most companies are at least getting a few iPhones to test.

The iPhone 3G still has the popular touch screen, but also offers a faster wireless network and the ability to download third-party applications such as games.

The new iPhone model cost about $200 in the United States.

“We don’t yet know the breakdown of how many phones were sold to new customers and how many existing iPhone customers upgraded, but regardless, sales during the first weekend were very impressive,” said Jeff Kagan, an independent telecommunications analyst, in a note.

Analysts said iPhone sales may dent sales and profit margins at Samsung and LG this year.

Analysts expect Apple to exceed its original target of 10 million iPhones by the end of 2008.

“The iPhone 3G launch was clearly not as smooth as last year’s launch. However, demand was clearly strong across the U.S. ,” said Morgan Keegan analyst Tavis McCourt in a note to investors.

Apple shares closed up $1.30, or less than 1 percent, at $173.88 after earlier hitting a session high of $179.30.

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