Apple sold more than five million new iPhones in three days, the company said today. Apple said that the demand was higher than the initial supply and said some customers will have to wait until October to receive their phones.
Tim Cook, Apple’s CEO explained in this statement. “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.”
Businessweek pointed out that not having the inventory to support orders hurt the company’s stock price and explained analysts had expected more units to have sold. Here is more from the news site: “‘The number is lower than what people had expected,’ Brian White, an analyst at Topeka Capital Markets, said in an interview. He had estimated debut weekend sales of 6 million to 6.5 million units, excluding Internet purchases that haven’t been shipped. ‘This seems to be driven more by availability than demand.’” Read more