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Apple IPhone 5 Sold Out, Sales Breach 5 Mln Mark In Three Days

Apple IPhone 5 Sold Out, Sales Breach 5 Mln Mark In Three Days
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9/24/2012 10:03 AM ET

Technology giant Apple, Inc. (AAPL: Quote) announced Monday that iPhone 5 sales have breached the 5 million mark within just three days of its sales launch on September 21. Sales came from the U.S., Australia, Canada, France, Germany, Hong Kong, Japan, Singapore and the UK over the weekend.

Meanwhile, several analysts had predicted opening weekend iPhone 5 sales between 6 million and 10 million units. But, the sales seem to have fallen short of market projections, due to supply constraints.

"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," Apple CEO Tim Cook said in a statement.

The new iPhone 5 has been flying off store-shelves at a blistering pace after enjoying the most lucrative launch in the history of consumer electronics. Apple fans across nine countries in Europe, Asia and Australia have been queuing up and causing road blocks in a bid to get their hands on the new iPhone 5 over the weekend.

Its pre-orders had breached the 2 million mark within just 24 hours of its opening for taking orders on September 14, more than double the previous record of 1 million orders in 24 hours for the iPhone 4S just a year ago.

The company also revealed that the demand for iPhone 5 exceeds the initial supply and the majority of pre-orders have been delivered over the weekend, while many are scheduled for delivery in October.

Apple said the iPhone 5 will be available in 22 more countries on September 28 and more than 100 countries by the end of the year.

"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," Cook added.

The company also revealed that more than 100 million iOS devices have been updated with iOS 6, the world's most advanced mobile operating system, despite a few early hiccups, primarily related to its new maps application.

iPhone 5 also comes pre-loaded with iOS 6, Apple's latest mobile operating system that has 200 new features, including a new Maps app, Face book integration for Contacts and Calendar, Passbook, and new Siri features.

The much awaited launch of the thinner, lighter, bigger model with a blazing fast A6 processor strengthens Apple's presence in the smart-phone market in the coming holiday season. This is also seen as a shot in the arm for Apple, which has recently been trailing to South Korean conglomerate Samsung Electronics Co. Ltd. (SSNLF) in smart-phone shipments.

Samsung has been stretching its lead over rivals Apple and Nokia Corp. (NOK: Quote) as the world's largest vendor of smart-phones by shipment volume since end of 2011. Samsung leads the global smart-phone market with around 32 percent of total market share with its Galaxy series phones, followed by Apple at about 17 percent.

Apple's iPhone 5 is competing with Samsung flagship product Galaxy S3, Nokia's latest releases Lumia 910 and Lumia 810, which runs on Windows Phone 8, and Motorola's three new Droid Razr entrants. iPhone generates more than half of Apple's revenue.

Apple launched the iPhone 5 at a company-held event at Yerba Center in San Francisco on September 12. The new iPhone comes with a stunning new 4-inch retina display, an A6 chip, improved battery performance, ultrafast wireless technology and works on 4G networks as well.

In Monday's regular trading session, AAPL is currently trading at $692.92, down $7.17 or 1.03% on a volume of 6.32 million shares.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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