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Greg, first in line for iPhone, displaying a sign (Source: Gizmodo)
Apple to sell nearly 400,000 iPhones on launch day to rake in over $200 million in revenue

With the hype surrounding the iPhone, it should surprise few that there are already eager consumers lining up to be the first to purchase Apple’s latest consumer electronic.

Beginning on Monday, four days before the launch of the iPhone, two men were spotted outside the Apple Store Fifth Avenue in New York. The men sat on camping chairs had with them equipment and supplies for the wait until Friday.

Gadget blog Gizmodo spoke with Greg, first in line, finding out that he is single, retired and loves to camp. Reportedly, Greg also camped out in a similar fashion during the PlayStation 3 launch.

Unlike the PlayStation 3 launch, the iPhone is widely believed to be available in adequate quantities. BusinessWeek’s sources say that Apple will have 3 million iPhones ready on launch day – while analysts are pegging the iPhone to sell only that many in its first year.

Analyses from TheStreet.com postulate that Apple could sell nearly 400,000 iPhones on launch day. Current rumors say that each store will have between 100 to 250 units on-hand, though AT&T representatives are declining to reveal any exact numbers, only to add that each store will have “a healthy supply” of iPhones.

Last January in an interview on TheStreet.com, investment guru and TheStreet.com founder Jim Cramer admitted his tendency to engage in Apple rumors, claiming, "Spreading the rumors, it's very easy because the people who write about Apple want that story, and you can claim its credible because you spoke to someone at Apple."

With approximately 1,962 stores (162 Apple and 1,800 AT&T) in the U.S. set to sell the iPhone on launch day, an estimated 200 phones per store equal 392,000 units – adding up to more than $200 million in revenues on June 29.

To help cope with the added demand from consumers looking to purchase the iPhone, AT&T is adding 2,000 temporary workers.





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