Apple: 3 Million iPhones Sold In A Month, 60 Million Apps Sold
Despite a soft economy and crappy consumer confidence, Apple has shown they can beat the trends with fantastic products and services. News has recently come out stating that 3 million iPhones have been sold in its first month of the new iteration of the iPhone going on sale. Also, 60 million applications have been purchased through the new AppStore. Jobs was quoted as saying he has never seen anything like it when it comes to software.
The news was welcomed with a great reaction in the markets with the stock up nicely. What does it mean for the long term shareholder?
When Apple announced their strategy, I mentioned that the AppStore would be a huge success and help offset the revenues lost from AT&T sharing the subscription fees with Apple. It looks like this idea is correct to an extent.
Apple has done a fanastic job of creating synergies between its software and hardware. Basically, the AppStore will help drive more iPhone sales and the iPhone will help drive more AppStore sales. It’s a beautiful relationship.
Apple’s future is extremely bright. They are selling lots and lots of consumer products in a weak consumer environment and also during a fairly slow season. What will their sales look like during the holiday season with the hottest products on the planet? How about when the economy rebounds and consumer confidence rises? Also, how will penetrating the Chinese market affect their numbers?
Apple has a high valuation, but the premium price tag is there for a reason. This is a company hitting on all cylinders with loads of cash and a top notch product line up. Who is gonna stop them? When it comes to Apple, it’s fun to be an investor, it’s fun to be a fan of Apple and it’s fun to be a person just interested in business. Well done, Apple, well done.