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Apple iPhone Hits the Ground Running

5:55 am on July 2, 2007 | Category: Business, Cell Phones, Mobile Devices

Apple Inc.’s new iPhone device may have reached the high end of analysts’ sales projections during its first full day on the market, according to the estimates of Apple CEO, Steve Jobs.

The iPhone, which combines the functions of a cell phone, digital music player, and handheld internet device, had sold as many as 200,000 units by the evening of June 30, according to Jobs, just one day after going on sale across the United States. Analysts had predicted that 50,000 to 200,000 of the devices would be sold in this time frame.

The strong initial turnout is largely being credited to Apple’s strong base of loyal consumers, most of whom also use Macintosh computers and iPod music players.

UPDATE: The iPhone’s first weekend results may have exceeded even Steve Jobs’ expectations, according to some industry experts. Piper Jaffray analyst, Gene Munster, who had predicted sales of 200,000 for the whole weekend, now estimates that over half a million had been sold by Sunday night. More than a third of Apple’s 164 U.S. retail stores were sold out of the device by last night, while the majority of AT&T Wireless outlets sold all their iPhones within the first 24 hours.

“This is a very successfully handled launch,” Munster said in an interview today., “The real sign of success would be what kind of legs this product has in 2008 and 2009. In 2009, we estimate a third of Apple’s sales will be from iPhone. This is a huge product.”

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