IPhone 5 sales top 5 million in three days but Apple shares slip
Apple, which sold more than 5 million iPhone 5s in the first three days the smartphone has been available, is on a record-breaking sales pace but that doesn’t appear to be enough for Wall Street.
Apple shares are down more than $9 to about $691 Monday morning, apparently because the weekend sales figures were less than what analysts expected.
The phone launched Friday in nine countries around the world including the U.S., and sales should stay strong as it readies to launch in 22 more countries this Friday.
But the demand may be outstripping supply, worrying investors. If you try purchasing the phone through Apple’s website, the company now says there’s a three- to four-week wait time for the iPhone 5.
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Meanwhile on EBay, people are selling the iPhone 5 at prices several hundred dollars higher than what it costs with a two-year contract.
How do 5 million sales in three days compare to past launches? According to the Associated Press, the mark is a record for any phone and beats out the iPhone 4S, which managed 4 million sales on its first three days.
It took the iPhone 5’s biggest competitor, the Samsung Galaxy S III, nearly two months to reach 10 million sales. At the current pace the iPhone 5 may reach that number in a week.
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