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Poor Iphone predictions cause Apple hopes to slump

Only the iLonely
Wed Jul 25 2007, 08:24
THE PRICE OF Apple's shares slid six per cent after AT&T revealed that the numbers of iPhone buyers starting service on its network was smaller than expected.

Only 146,000 Iphone owners activated the service in the day and a half between the phone's debut and the quarter's end.

Some analysts predicted that AT&T would report as many as 500,000 to 700,000 activations in that period.

Apple is expected to announce its Iphone sales figures as part of its quarterly earnings report today. AT&T's figure might have something to do with the fact that many Iphone customers had a bit of trouble activating their phones during the first few days.

AT&T can at least be happy that more than 40 per cent of the Iphone subscribers were new AT&T customers. They were also signing up for more expensive service plans than other wireless customers.

Piper Jaffray bean counter Eugene Munster told the New York Times that many analysts had got carried away on the hype. The figures were in line with what most sane people were predicting before the hysteria kicked in, he said.

Munster said the Iphone would most likely show a similar gradual growth, with a "surge" in 2009. More here. µ

 

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