Apple stock falls as iPhone5 sales fail to meet analysts’ expectations

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SummaryTim Cook admitted that the firm had been unable to keep up with demand for the iPhone 5.

Apple stock fell more than two per cent in pre-market trading as the firm announced it sold roughly five million iPhone5 handsets in the first three days of the launch.

The record-breaking launch disappointed Wall Street, however; as analysts had predicted up to 10 million sales.

Analysts including Gene Munster of Piper Jaffray predicted a bigger leap in first weekend sales for the new handset, the Telegraph reports.

He claimed last week that sales of six million units would be a “worst case scenario”.

According to the paper, the previous samrtphone, the iPhone 4S, sold over four million units during its first three days on sale last year.

Apple’s chief executive Tim Cook admitted that the firm had been unable to keep up with demand for the iPhone 5.

“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,” he said.

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