iPhone 5 Sells Just 5 Million in First Weekend
Some sad news today, as it was announced that the new iPhone 5 has sold "just" 5 million units in its opening weekend. While that may sound like a lot, it was speculated by man that the iPhone 5 could have sold between 6-10 million on its opening weekend, with 6 million being a "worst case scenario."
Shares of Apple stock are actually down 1.32% today after the "lackluster" sales of the new device. Analyst Gene Munster explains the reason for the low numbers.
"We believe there are two factors that negatively impacted the number. First, our sales expectation assumed that Apple would include all phones pre-ordered online. We believe that this may have been up to 1 million additional units as units pre-ordered after the middle of the first day were projected to be available in October.
"Second, we noted 1.25 days of Apple Retail inventory compared to 2.5 days during the 4S launch. Our 8 million estimate assumed full weekend availability and the counting of all online pre-orders. We believe that if supply were not a constraint and Apple included all pre-orders, the launch weekend number would have been closer to 7-8 million, assuming ~1 million October pre-order sales and an additional 1-2 million units at retail."
Oh, so it's not all
doom and gloom for Apple.