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Apple beats the crunch and sees core sales soar
Sales of the new iPhone are set to double in 2009, handing Apple a welcome boost and causing the target price of the company’s shares to soar.
Apple’s 3G iPhone was unveiled last week, and although the device will not go on sale until next month, Morgan Stanley said the new lower price of $199 would ensure healthy sales growth throughout 2009.
The news, which comes as Apple announced that sales of Macs had increased by 50 per cent in the year to May, follows the revelation that the raw cost of materials required to build the new 3G iPhone could be nearly half that of the original model.
According to Portelligent Inc. the first phone had a bill of materials (BOM) estimated at $170 at launch, whereas Apple’s latest offering could have a BOM as low as $100 when it is finally released on July 11.
Morgan Stanley predicted that Apple would sell 27 million iPhones in the calendar year 2009.
"We believe the market generally expects a doubling of iPhone units with the lower price point, and we believe this is realistic, if not conservative," Morgan Stanley said.
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