Pre-order sales of Apple’s (AAPL) iPhone 5 topped two million in the first 24 hours it was on sale, more than doubling the smartphone maker’s previous record with the iPhone 4S.

The Cupertino, Calif.-based company said on Monday that demand for its latest-generation phone is exceeding its current supply, which means some iPhone 5s may be delivered in October, at least two weeks after the first delivery scheduled for Sept. 21.

"IPhone 5 pre-orders have shattered the previous record held by iPhone 4S and the customer response to iPhone 5 has been phenomenal," Apple's senior vice president of worldwide marketing, Philip Schiller, said in a statement.

Meanwhile, AT&T (T) set a sales record with iPhone 5 pre-sales over the weekend, making it the fastest-selling iPhone ever offered by the telecom giant, which had exclusive rights to sell the phone for three years before Apple branched out to Verizon (VZ) and Sprint in 2011. AT&T did not disclose how many iPhones it sold.

Shares of Apple opened up about 1% to an all-time high of $698 on Monday.

The highly-anticipated iPhone, which comes with Apple’s most advanced mobile operating system, iOS 6, and boasts 200 new features from its predecessor, will begin selling at 356 Apple retail stores at 8 AM local time on Friday, Sept. 21.

The device, which will also be available at various retail stores like Best Buy (BBY) and Wal-Mart (WMT), as well as AT&T (T), Sprint (S) and Verizon Wireless stores, is selling for $199 for the 16 gigabyte model and up to $399 for the 64 GB phone.

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