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TheStreet Open House

Apple: iPhone 5 Shattering Records

NEW YORK ( TheStreet) -- If there was any slight concern about Apple (AAPL - Get Report) having trouble selling the iPhone 5, it was completely unfounded.

Early on Monday the company announced that iPhone 5 pre-orders topped 2 million in the first 24 hours that the phone was available. The tech giant said that demand exceeded the initial supply, and while the majority of pre-orders will arrive to customers on September 21, many are now scheduled for delivery in October.

Apple's senior vice president of Worldwide Marketing Phil Schiller was ecstatic about the numbers. "iPhone 5 pre-orders have shattered the previous record held by iPhone 4S and the customer response to iPhone 5 has been phenomenal," he explained, in a press release. "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."

It's clear from the presss release that demand for the new iPhone is staggering, reaching unprecedented levels. AT&T (T - Get Report) said the iPhone 5 is the fastest-selling iPhone ever, while Verizon (VZ - Get Report) was experiencing problems on its Web site and with customer service.

Some tech journalists, social-media mavens and Wall Street analysts were not initially impressed with the device, saying it featured nothing new that isn't already available on other smartphones. They were looking for Apple to blow them away with an all-new design or breakthrough feature.

Pre-order numbers of more than 2 million during the first 24 hours of availability is astounding. Apple's blowing away its own records with the iPhone 5 release, prompting some Wall Street analysts to raise price targets. BMO Capital Markets analyst Keith Bachman raised his price target to $750 from $680 on his take of the new iPhone. He rates shares "outpeform."

Everyone knew the iPhone 5 was going to be a huge launch. Now Apple has shown us just how huge it really is, and that's just in the first 24 hours. There's still plenty more time left in 2012 for Apple to prove its naysayers wrong.

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