iPhone 5 triumphs

Pre-orders exceed two million in first 24 hours

By Keating Smith, Contributor

Apple’s highly anticipated iPhone 5 pre-orders topped two million in the first 24 hours of availability, doubling the amount of iPhone 4S pre-orders according to a statement released by Apple. The company also said that while most pre-orders will be delivered on September 21, the demand for the iPhone 5 exceeds the initial supply, resulting in some of the devices having to be delivered in early October.

Last Monday, AT&T Inc. reported that the telecommunications provider set a sales record for the iPhone 5, with customers ordering more of them than any previous iPhone model on the first day of pre-orders and over the weekend following the announcement of the new phone.

“iPhone 5 pre-orders have shattered the previous record held by iPhone 4S and the customer response to iPhone 5 has been phenomenal,” said Philip Schiller, Apple’s Senior Vice-President of Worldwide Marketing. “iPhone 5 is the best iPhone yet, the most beautiful product we’ve ever made, and we hope customers love it as much as we do.”

In terms of market growth predicted from sales of the iPhone 5, the U.S. GDP is predicted to grow by $3.2 billion in the fourth quarter, or $12.8 billion at an annual rate. “That is an increase of 0.33 percentage points in the annualized rate of GDP growth, which has the potential to be even higher” according to Michael Feroli, a Chief U.S. Economist for J.P. Morgan. Feroli also stated that “a third of a percentage point would limit the downside risk to J.P. Morgan’s fourth-quarter growth projection of 2%.”

Apple will also benefit financially from their new Lighting charger cord, as millions of iPhone 5 users brace for a wave of frustration and spending to buy adapter pieces so their phone can play on docking stations and other iPhone accessories that require the traditional 30-pin connector. The adapter piece is set for release in early October.

Apple has also removed Google Maps, a fixture on the iPhone since its debut in 2007, from its devices. Users can choose to upgrade to its latest operating system, iOS6, which was released last Wednesday.

Outcry over inaccuracies and glitches in the iPhone’s new maps marks a rare stumble for Apple. Many of the complaints have come from outside of the U.S., marring what will be the fastest international roll out of any iPhone model yet.