It has long been known that Apple has turned product launches and hype creation into an art form they excel in like no other. This is true no matter what side of Apple’s fence you stand on due to one simple fact…the numbers don’t lie.
According to a press release from Apple CEO Tim Cook, the company sold more than 5 million units of its latest and greatest iPhone, the 5. Incredibly, that tally fell short of several analysts’ expectations, many of whom were anticipating sales in the 6-10 million range. According to Bloomberg, the lack of sales was not demand driven so much as a result of supply constraints and delayed shipments.
The high demand for the product was seen in pre-order figures as well, with shipments being delayed up to four weeks (TQ was on it). Stock prices fell as a result of the aforementioned supply constraints, dropping 1.3 per cent to close at $690.79 on the NYSE (AAPL). All in all it has been a great year for Apple, with the stock gaining an impressive 71 per cent over the year.
The 5 million units is limited to the devices that were sold through wireless carriers, retail outlets including the Apple store as well as internet orders that were received. According to Brian Marshall of ISI Group, the tally does not include devices that are in transit or pending online orders, which in the case of the iPhone 5 could represent millions of devices in and of itself.
Check out Tim Cook’s press release about the strong iPhone 5 sales below:
“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,” said Tim Cook, Apple’s CEO. “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.”
SOURCE: Bloomberg
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