iPhone 5 Sales Surpass 5 Million

Apple Inc. (AAPL) reported debut weekend sales for the iPhone 5 that fell short of some analysts’ estimates amid supply constraints.
More than 5 million units of the iPhone 5 were sold in the first three days, surpassing a record set last year by the previous model, the iPhone 4S, Cupertino, California-based Apple said today in a statement. Demand for the new handset exceeded the initial supply, Apple said.
A successful debut for the iPhone, responsible for about two-thirds of profit, is crucial to fueling the growth that transformed Apple from a niche computer maker into the world’s most valuable company. Demand for the iPhone 5, with a bigger screen and faster wireless speeds, gives Apple a boost over rivals including Samsung Electronics Co. (005930) that use Google Inc. (GOOG)’s Android mobile software.
β€œThe number is lower than what people had expected,” said Brian White, an analyst at Topeka Capital Markets, in an interview. He had estimated debut weekend sales of 6 million to 6.5 million units. β€œThis seems to be driven more by availability than demand.”

Source: Bloomberg