Demand for Apple’s iPhone is still high even in its sixth iteration. Apple sold 5 million units of its latest smartphone in the first three days. Remarkably, this was below analysts expectations. Experts had predicted that Apple would sell 6 million units. Apple’s stock dropped today by $9.30 to settle at $690.79 a share.
Despite this so called disappointment, the iPhone 5 set a record in its opening three days. No phone has ever sold faster. Sales could have been higher if not for limited supply. According to analyst Brian White of Topeka Capital Markets, the phone was sold out in up to 85% of the US. The iPhone 5 will be released in 22 more countries this Friday.
Despite failing to meet expectations, Apple has to be happy with the numbers. The iPhone 4S only sold around 4 million units in its first three days. The iPhone 5 faces stiff competition from products like the Samsung Galaxy S-III, a product which matches up favorably with the Apple product. The fact that the company is still setting records in light of strengthening competition is impressive.