Apple effectively sold out of its online stock of the iPhone 5 on Friday and the company’s stock climbed 1.2 percent to close at $691.28. The new phone is expected to begin shipping September 28.
“The initial batch is sold out,” said Shaw Wu, an analyst at Sterne Agee & Leach, raising his sales estimate for the quarter ending in September to 26 million from 23 million, adding: “We think that could turn out to be conservative.”
Analysts estimate that as many as 58 million of the latest iPhone could be sold by the end of the year. That could generate as much as $36.2 billion in sales for Apple.