“Apple Inc. has sold its millionth iPhone less than three months after the device’s debut, allaying investor concerns that demand had slowed,” Bloomberg News reports.
“‘As far as dispelling the fears that the iPhone was off to a bad start, this should help that,’ said Gene Munster, an analyst at Piper Jaffray & Co. in Minneapolis,” Bloomberg reports. “Monday’s announcement shows the price cut was ‘strategic,’ he said. ‘It’s not anything wrong with the phone.'”
“The company may sell more than 1.1 million iPhones by Sept. 30, the end of its fourth quarter, said Munster, who rates the shares ‘outperform,'” Bloomberg reports.
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