2M iPhone 5 Smartphones Sold

Apple Inc booked orders for over two million iPhone 5 models in the first 24 hours, reflecting a higher-than-expected demand for the consumer device giant's new smartphone and setting it up for a strong holiday quarter.

Apple shares rose in extended after-market trading to touch $700 per share for the first time. They have gained nearly 22 percent in the past 3-1/2 months in the build-up to the launch of the iPhone 5.

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Faster and Slimmer iPhone 5 unveiled

Apple on Wednesday unveiled iPhone 5, its latest generation of smartphone that features bigger display and support for faster LTE wireless network, at a media event in San Francisco.

"Now today we're taking it to the next level, making a huge leap," Apple Chief Executive Officer Tim Cook said at the event.

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