Apple sells a “disappointing” 5 million iPhone 5s on opening weekend

iPhone 5 stock

With all the iPhone 5 news in the last few weeks, it’s hard to imagine that Apple’s iPhone 5 went on sale just this past weekend. Many analysts expected the iPhone 5 to blow away sales estimates over the course of opening weekend, though the actual sales reported by Apple have left some analysts disappointed. Apple reported this morning that the company sold 5 million iPhone 5s over the weekend, falling short of the 6-10 million Piper Jaffray analyst Gene Munster projected.

“Demand for iPhone 5 has been incredible and we are working hard to get an iPhone 5 into the hands of every customer who wants one as quickly as possible. While we have sold out of our initial supply, stores continue to receive iPhone 5 shipments regularly and customers can continue to order online and receive an estimated delivery date. We appreciate everyone’s patience and are working hard to build enough iPhone 5s for everyone.” - Tim Cook, CEO, Apple Inc.

At 5 million total sales, Apple beat out its previous opening weekend record of 4 million held by the iPhone 4S, but fell well short of Wall Street’s expectations.  Shares of Apple, Inc. are down just over 2% in pre-market trading this morning.

Apple also confirmed that over 100 million iOS devices have been updated to iOS 6, representing about 25% of the 400 million iOS devices sold thus far. Of course, the actual adoption rate is somewhat higher than 25%, as a chunk of the 400 million iOS devices sold are older and incompatible with the latest operating system. This is despite the issues with Apple’s maps program, which drew significant amounts of criticism over the last week.

[via Apple, Business Insider]

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