Shares of Apple Inc.(NASDAQ:AAPL) rebounded quickly in pre-market session after the company reported a better than estimated weekend sales of recently launched iPad mini and fourth-generation iPad.
The world’ largest company b value disclosed that it sold as much as 3 million units of its iPad mini and fourth-generation iPad in the opening weekend, well above estimated 1 million to 1.5 million by Gene Munster, an analyst at Piper Jaffray Cos. (PJC). While, in line with Walter Piecyk ‘s of BTIG Research estimate of 3 million units, which was expected to demonstrate adequate demand.
On the positive note, the company further stated that the demand for its products outperformed the the initial supply and while many of the pre-orders have been shipped to customers, some are scheduled to be shipped later this month.
The solid nubbers came in despite the fact that few stores were opened during the weekend due to Hurricane Sandy, which resulted in power blackouts and hobbled transportation. Two of the company’s five stores were closed as well as some in New Jersey because of the damage.
Shares of AAPL are now up 1.20% in the pre open session after falling about .80% before tha data. Last week, the stock was down 6.5%.