(By Balachander) Apple Inc. (NASDAQ:AAPL) said pre-orders of its iPhone 5 - the thinnest and lightest smartphone ever - topped two million in just 24 hours, breaking the previous record of one million held by iPhone 4S.
iPhone continues to be a flagship product for the world's most valuable technology company. Since the release of the original iPhone in January 2007, sales have grown to represent more than 40 percent of Apple's total revenue.
Since the launch of the original iPhone, Apple has updated the product annually (e.g., iPhone 3GS and iPhone 4S) and has redesigned the phone every 2 years (e.g., iPhone 3G and iPhone 4).
Apple said demand for iPhone 5 exceeds the initial supply and while the majority of pre-orders will be delivered to customers on September 21, many are scheduled to be delivered in October.
The technology behemoth's iPhone 5 features an Apple-designed A6 chip, with speed twice as fast as the previous version. Other features include: the new 4-inch Retina display, while the current version has 3.5-inch display.
The newest smartphone comes with iOS 6, the world's most advanced mobile operating system with over 200 new user features.
The new 8 megapixel iSight camera in iPhone 5 features a sapphire crystal lens cover that is thinner and more durable than standard glass with the ability to provide crystal clear images. The new panorama feature lets users capture panorama images of up to 28 megapixels.
iPhone 5 also features an all-new 7.6 mm anodized aluminum body that is 18 percent thinner and 20 percent lighter than iPhone 4S.
According to research firm IHS Inc. (NYSE:IHS) iPhone 5 will drive record Apple smartphone sales in the final three months of 2012. The thinnest and lightest smartphone ever will spur Apple's smartphone shipments by 60 percent to 149 million units in 2012.
iPhone 5, which will be available in the U.S. on September 21, is priced at $199 for the 16GB model and $299 for the 32GB model and $399 for the 64GB model. Pre-orders for iPhone 5 began Friday, September 14.
Apple will launch iPhone 5 in 22 more countries on September 28.
Shares of Apple added 0.67 percent to trade at $695.90 on Monday. Over the past year, the stock has been trading between $354.24 and $699.54.