Huge iPhone sales and an estimate of a 50 per cent profit margin on the product yesterday drove Apple stock to a new high of $127.17.

Researchers at iSuppli yesterday published the results of their tear-down analysis of the device, finding that Apple may have a margin as high as 55 per cent on the 8GB model of iPhone.

The analysts later warned the margin could be lower, once transport, administration and associated non-component costs were taken into account.

Apple reportedly sold between 550,000 and 700,000 iPhones on the first weekend the product was made available.

Apple stock has traded between $50.16 and $127.61 over the past year