Foreigners Go Gaga for Apple's iPad
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Revenue Growth %: +15.8%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.4%
Revenue Growth %: +15.8%
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The highly successful iPad from Apple Inc. (NASDAQ: AAPL) went on sale overseas in Europe, Asia and Australia on Friday, with eager shoppers queued up all night in London, Munich, Paris and Tokyo at Apple Stores to get their hands on the tablet device that has taken the U.S. by storm in the last two months.
After selling a million units of the device in the U.S. within the first month of its release following its domestic April 3 debut, Apple had to delay the international release of the iPad, surely swelling the anticipation among consumers around the world.
The tablet computer launched Friday in Australia, Canada, France, Germany, Italy, Japan, Spain, Switzerland and Britain. The London Apple Store saw lines looping around Regent Street in London buyers hoping to get an iPad.
The cheapest Wi-Fi only version of the device is on sale in the U.S. for $499, which would be $617 with current exchange rate in Britain, which is the location where the iPad costs are the highest.
A store in Madrid said that it sold out of its supply of the tablet within three hours, but did not indicate how many units were on hand for the launch.
The demand has caused extreme time pressures on factories churning out the devices in factories, which has caused a string of suicides in a Chinese factory that reported strict discipline for mistakes during the manufacturing process.
Apple has issued statements stating that conditions "throughout our supply chain are safe and workers are treated with respect and dignity."
Despite the bad publicity, the momentum of the iPad is seeing no signs of slowing down. RBC Capital Markets is estimating that the company will ship 8.13 million units before the end of the year worldwide, translating to more than $4 billion in revenue.
Shares of Apple are up 1.80 percent to $257.98 in early market movement Friday.
After selling a million units of the device in the U.S. within the first month of its release following its domestic April 3 debut, Apple had to delay the international release of the iPad, surely swelling the anticipation among consumers around the world.
The tablet computer launched Friday in Australia, Canada, France, Germany, Italy, Japan, Spain, Switzerland and Britain. The London Apple Store saw lines looping around Regent Street in London buyers hoping to get an iPad.
The cheapest Wi-Fi only version of the device is on sale in the U.S. for $499, which would be $617 with current exchange rate in Britain, which is the location where the iPad costs are the highest.
A store in Madrid said that it sold out of its supply of the tablet within three hours, but did not indicate how many units were on hand for the launch.
The demand has caused extreme time pressures on factories churning out the devices in factories, which has caused a string of suicides in a Chinese factory that reported strict discipline for mistakes during the manufacturing process.
Apple has issued statements stating that conditions "throughout our supply chain are safe and workers are treated with respect and dignity."
Despite the bad publicity, the momentum of the iPad is seeing no signs of slowing down. RBC Capital Markets is estimating that the company will ship 8.13 million units before the end of the year worldwide, translating to more than $4 billion in revenue.
Shares of Apple are up 1.80 percent to $257.98 in early market movement Friday.
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