Apple Inc sold out of its latest smartphone,with more than 5 million iPhone 5s sold in the three days since it hit stores,the company said on Monday.
While sales were solid,analysts were concerned that Apple was unable to produce the new phone fast enough to meet demand.
The early total for the iPhone 5 topped sales of the iPhone 4S,which sold more than 4 million units in its first weekend after Apple introduced it in October 2011.
Expectations for new Apple products are so high that Wall Street appeared not to be wowed by the latest numbers. Investors sent shares of the stock down 1.4 per cent at $690.14 in mid-morning trade.
It appears investors were disappointed with the slowdown in growth in the first weekend,said BTIG analyst Walter Piecyk.