(Reuters) – Apple Inc sold over 5 million iPhone 5 smartphones in the three days since it hit stores, but shares sagged as the company struggled to meet demand.
While sales were solid, the company said on Monday it had run out of its initial supply and many pre-orders were scheduled to go out in October.
Apple Chief Executive Tim Cook said the company is “working hard to build enough iPhone 5s for everyone.”
Expectations for new Apple products were so high – some analysts forecast Apple selling as many as 10 million phone over the weekend – that Wall Street was not wowed by the latest numbers. The stock was down 1.7 percent at $688.64 in afternoon trade.
Read also:
Apple IPhone 5 Misses Estimates Even as 5 Million Units Are Sold (Businessweek)
Apple sells 5 million iPhone 5 phones in first weekend (CNN)
New iPhone Sellout Tests Apple Supply (Wall Street Journal)
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