iPhone May Outperform Apple’s Own Forecast

6:30 am on July 23, 2007 | Category: Business, Cell Phones, Mobile Devices

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Apple Inc. could sell as many as 14 million iPhones by the end of next year, according to RBC Capital Markets analyst, Mike Abramsky, topping the company’s own forecast of 10 million units.

Almost a million iPhone devices have already been purchased, including 500,000 in its first two days. Abramsky, predicts that the new device will contribute $10 million in sales to Apple’s fiscal quarter, which ended the day after the iPhone went on sale.

High demand caused many of Apple’s retail outlets to sell out of iPhones in the days following the launch, but supply has since recovered, with 70% of the company’s 165 stores now having the device in stock.

“Most are replenishing this week, and checks indicate sustained demand,” Abramsky commented in a recent report, in which he gave Apple’s stock an “outperform” rating. The stock has already increased in value by 14% since the iPhone was launched on June 29.

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    Edited by Jeremy Maddock