Apple misses initial sales figures over the weekend, down in the stock market

Apple shares were down Monday for the first time in eight days after the company released report on first weekend of iPhone 5 sales.

Apple sold 5 Million units of the handset in three days after it broke the ice on Friday at Apple retail stores. The analysts had expected more sales from the smartphone and the company endured a loss in the stock market because of the lag.

Apple undoubtedly has gone the extra mile in selling more iPhones this year. Although the figures were down from expectations but it broke all previous records. Moreover, the company also shipped more than it had in inventory for the initial weekend. There are a number of customers waiting for their orders to be shipped as the company copes with the high demand.

“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. “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.”

ISI analyst Brian Marshall had expected the phone to sell the handset in the range of 6 Million to 8 Million units at the weekend, assessing from crowd gathered in front of Apple stores. Marshall was of the opinion that the handset might have broken the 6 Million unit barrier if the unsigned shipments were counted. The total number of iPhone 5s shipped this weekend does not include the deliveries at home, most which are still to be signed by the customers.

Marshall said it is quite early to say that Apple missed the mark on the weekend. Analysts should wait until total figures arrive.

Apple was down 2 percent after the report arrived early on Monday.

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Posted by Usman Khalid on Sep 25 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.