9 million iPhone 5s, 5c sold; Apple Inc. stock rises 5%

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The stock price of Apple Inc. (AAPL) surged almost 5% on the first trading day after the high-end iPhone 5s and the multi-colored iPhone 5c were made available for sale last weekend.

Earlier today, Apple’s stock price closed at $490.64 — an increase of $23.23 or 4.97% from last Friday’s closing. The sudden increase in price and renewed attention to the Apple stock was mainly due to an announcement that the company sold an unprecedented 9 million units of iPhone 5s and iPhone 5c during its initial weekend.

Apple started selling the two new iPhones on Friday, September 20. Despite early reviews criticizing the mobile phone for lack of exciting innovation, the company racked up 9 million unit sales in just 3 days.

The company did not disclose the breakdown, but the number easily beat analysts’ forecast of 6-8 million sales for both the iPhone 5s and 5c during the weekend.

It also easily eclipsed last year’s record of the iPhone 5 which sold 5 million units during its opening weekend.

Read other related Apple news:

New product launches by Apple usually result in price increases for the Apple stock. This Apple stock price timeline shows that the AAPL stock’s value grew by 36% per year during Steve Jobs’ 14-year reign as CEO.

Despite the sudden price increase today, Apple’s current stock price is still far from its peak of $702.10 in September 2012.

To see how the AAPL stock performed in the past year, here’s a chart of the Apple stock from September 2012 to September 2013.

About the Author

James Ryan Jonas teaches business strategy, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.1 Billion ($56 Million) worth of retirement funds on behalf of thousands of UP employees.

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