Apple shares reach record high as iPad3 is released

The third version of Apple’s iPad went on sale this morning, with crowds of die-hard Apple fans queueing up to be the first to buy the new device.

The latest iPad features a new display resolution of 2,048 by 1,536 pixels plus a 5-megapixel camera sensor and can run on 4G LTE networks (though not in the UK). It is 9.4mm deep – bigger than the iPad2. The basic model costs £399 and the top of the range model, including 64GB, Wi-Fi and 4G, costs £659.

Apple’s share price closed last night down $4 or 0.7% – after hitting a record high of $600 during the day (which means one Apple share is more expensive than a new iPad!). Apple stock has risen 55% in the past three months. The company has been flirting with $600 and $550 billion market capitalisation since the new iPad was announced last week.

Oli Newton, head of strategic partnerships at Starcom MediaVest, told Newsline that the release “was a bit of a let down for” for him. “The jump from 2 to ‘new’ isn’t mind blowing. I’m sure when I see it and play with it I will change my mind, but at the moment I don’t have the traditional post event urge to rush out and splash the cash,” he said.

Although additive!’s Simon Andrews explained that “we’ve reached a point where the form factor of hardware doesn’t have anywhere to go – so, just like all phones now look like iPhones, all tablets are going to end up looking pretty similar to iPads – it is an evolution rather than the revolution some expected”.