Apple Inc.(NASDAQ:AAPL)’s shares slumped 2% in the pre-open session to well below $700 mark after the company’s first weekend sale of new iPhone 5 came below analysts’ target.
The company which had introduced its iPhone 5 on Sept 12 and started selling last week said that it sold 5 million iPhone 5 over the opening weekend. This is quite low as analyst at Piper Jaffray was targeting the company to sell as much as 6-10 million for the opening weekend.
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What’s more bearish is the firm had noted that their estimating of 6 million is the worst case scenario, so can we call it as worse than worst case scenario as the actual numbers have been revealed this morning.
However, if we compare the latest sell figure with the company’s last iPhone 4S numbers, this time the company sold one more million compared to 4 million it sold last year during the opening weekend.
If we analyze this time sales, the number is really unimpressive as the expectations were quite high considering iPhone 5 was a major redesign, and lines were supposedly longer.
It also announced 100 million iOS 6 upgrades, which is quite impressive. It shows that people want the latest version of Apple's software.
Shares of AAPL are down 2.23% to $684.50 in the pre-market session.