Despite gripes about its Maps app, Apple sold more than five million iPhones in the three days since the launch on Friday- a record for any phone - but less than analysts had expected.The hope was that a million more might be sold.
Apple shares were down $6.60, or 0.9 percent, at $693.49 in Monday trading, still close to their all-time high of $705.07 last week.
The phone went on sale in the US, Australia, Canada, France, Germany, Hong Kong, Japan, Singapore and the UK, and will be available in 22 more countries on September 28.
Tim Cook, Apple’s CEO, said, “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.
“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.”
The iPhone5 did however comfortably beat last year's iPhone 4S launch : Apple sold 4 million of these phones in the first three days.
Analyst Brian White,of Topeka Capital Markets, had expected Apple to sell 6 million to 6.5 million iPhone 5s in the first three days.
The shortfall, he opined was largely due to the limited supply.
White told the San Jose Mercury News the phone was sold out at 80 to 85 percent of the U.S. Apple stores he and his team contacted Sunday evening, and the ones that were still available were mostly Sprint models. Online delivery times have stretched to three to four weeks.
The phone will go on sale in 22 more countries this Friday and in more than 100 countries by the end of the year.
While the majority of pre-orders have been shipped to customers, many are scheduled to be shipped in October.