Apple Unveils Long-Awaited iPhone 5

Apple Inc. unveiled the long-awaited iPhone 5 at another sensational event in San Francisco Wednesday.
Apple Unveils Long-Awaited iPhone 5
Apple CEO Tim Cook speaks during an Apple special event at the Yerba Buena Center for the Arts in San Francisco, Sept 12. Apple announced the iPhone 5, the latest version of the popular smartphone. Justin Sullivan/Getty Images
Valentin Schmid
Updated:
<a><img class="size-large wp-image-1781950" title="20120912-Foto+care-IMG_8635-Amal+Chen_2" src="https://www.theepochtimes.com/assets/uploads/2015/09/20120912-Foto+care-IMG_8635-Amal+Chen_2.jpeg" alt="People at the Apple store " width="590" height="442"/></a>
People at the Apple store

<a><img class="size-large wp-image-1781953" title="20120912-Foto+care-IMG_8713-Amal+Chen" src="https://www.theepochtimes.com/assets/uploads/2015/09/20120912-Foto+care-IMG_8713-Amal+Chen.jpeg" alt="People at the Apple store" width="590" height="405"/></a>
People at the Apple store

A Wall Street insider told the Epoch Times: “Biggest news on the street is Apple … shares flat but likely to pop with traders long equity options with a $670 strike price,” he said prior to the close.

The new iPhone will be ready for preorder Sept. 14 and will go on sale in stores on Sept. 21. Data compiled by Bloomberg shows that the average estimate by analysts is for the phone to sell 48.2 million units by the end of December. In total, the company has sold 244 million since the first iPhone debuted in 2007.

J.P. Morgan chief U.S. economist Michael Feroli thinks that the iPhone 5 can boost the country’s GDP by up to 0.33 percent on an annualized basis, he writes in a report. Based on previous iPhone launches he says, “The recent evidence is consistent with this projection.”

Competitors Wait for Apple Slip

Judging from the excitement surrounding the event Tuesday in San Francisco, one can expect the new iPhone 5 will be another success story. It is becoming apparent, however, that Apple is relying on big events like these to hold its edge in the market and maintain its record profitability. Apple is the world’s largest company as measured by market capitalization.

<a><img class="size-medium wp-image-1781955" title="151868590" src="https://www.theepochtimes.com/assets/uploads/2015/09/151868590.jpeg" alt="Apple CEO Tim Cook speaks" width="246" height="350"/></a>
Apple CEO Tim Cook speaks

Valentin Schmid
Valentin Schmid
Author
Valentin Schmid is a former business editor for the Epoch Times. His areas of expertise include global macroeconomic trends and financial markets, China, and Bitcoin. Before joining the paper in 2012, he worked as a portfolio manager for BNP Paribas in Amsterdam, London, Paris, and Hong Kong.
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