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iPhone 5 proves to be sell out as sales exceed 5M

   
  

Added At:  2012-09-24 7:36 PM

   Last Updated At: 2012-09-24 7:36 PM

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REUTERS

An Apple employee distributes iPhone 5 shortly after the device went on sale in San Francisco, California, September 21, 2012.

REUTERS

Apple said while the majority of iPhone 5 pre-orders have been shipped to customers‚ many were scheduled to go out in October.

SAN FRANCISCO: Apple Inc sold out of its latest smartphone, with more than 5 million iPhone 5 sold in the three days since it hit stores, the company said on Monday.

The early total blasted past sales of the iPhone 4S, which sold more than 4 million units in its first weekend after Apple introduced it in October 2011.

Apple said while the majority of iPhone 5 pre-orders have been shipped to customers, many were scheduled to go out in October.

"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," Apple Chief Executive Tim Cook said in a statement.

Apple signaled last week that pre-orders outstripped initial supply and that many phones would not be available until October.

Still, there were concerns Apple may not be able to produce the iPhone 5 fast enough to meet demand around the world.

"They may not be able to build them fast enough to hit their targets," said Colin Gillis, a research analyst with BGC. "The reality is if they can't build (fast enough), any hiccup is going to be a negative."

On Friday, fans lined up at stores in cities around the world to get their hands on the new phone, which is thinner and lighter and has a bigger screen.

Shares of Apple were down 1.2 percent at $691.54 in early trading.


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