iPhone sales triple after price drop
Surprise, surprise: when prices drop, people buy things more. Such is the case with the iPhone; as the $200 price reduction hit stores, sales of the iPhone tripled, leading to the 1 million sales mark says an industry analyst for Piper Jaffray.
Gene Munster calculated AT&T and Apple were selling approximately 9,000 iPhones a day prior to the price reduction; to reach the 1 millionth iPhone sale by the September 9th, the company would have had to increase its sales from the time of the price reduction to approximately 27,000 sales daily.
All the Apple shareholders can begin rejoicing, but be forwarned: Munster believes the increased sales cannot be sustained (obviously). He estimates that sales will plateau at a 50% increase, which should mean about 13,500 iPhone sales daily.
Munster also expects Apple to have sold 1.28 million iPhones by the end of this next quarter. If you were waiting for your golden opportunity to purchase an iPhone, now would be the time; don’t count on another price reduction before the next iteration of the iPhone hits the market.
Piper Jaffray is an investment banking firm that delivers financial advice, and is based out of Minneapolis, Minnesota.
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