Apple iPhone 5 Preorders Shatter Records, Generate $1 Million in Revenue Per Minute

Apple this morning revealed that it sold more than two million iPhone 5s in its opening 24 hours.

That’s more than double the one million iPhone 4S models sold during the same preorder debut period last year. Wow.

That adds up to an average of nearly 1,400 iPhone 5s being preordered every minute for 24 hours straight.

Assuming an equal amount of 16GB, 32GB, and 64GB models were ordered, Apple generated over $1 million in revenue per minute.

Apple’s stock has now risen to $698, just one dollar shy of the price of an iPhone 5 in Canada.

US carriers have cited exceptionally strong pre-sales for the iPhone 5 already and also revitalized sales of the now-cheaper legacy models, the 4S and the 4.

Analysts are anticipating up to 10 million iPhone 5s to sell during the device’s first month of existence, pegging a one-year share price at $800 and forecasting revenue of almost $160 billion.