Apple Sells Over 1 Million New iPhone in Three Days
Apple announced that they sold over one million of its new iPhone 3G S units in the first 3 days. Bloombergreports that the figure beat analysts estimates.
The successful debut positions Apple as the dominant player in the market for so-called smart phones, said Shannon Cross, an analyst at Cross Research. Apple is jockeying for customers with Palm Inc. and Research In Motion Ltd., which also showed off Web-equipped phones with upgraded software and more features this month.
"It's a testament for demand out there for the iPhone," Livingston, New Jersey-based Cross, who advises investors to buy Apple shares and doesn’t own any, said in an interview. "Apple is in a position to continue to outpace the competition."
Kaufman Brothers analyst Shaw Wu predicted sales of 600,000 iPhones, while Piper Jaffray & Co. analyst Gene Munster projected 750,000. Apple's previous model, the iPhone 3G, sold a million units in its opening weekend in July last year.
The big sales figure comes despite reports (see here and here) that lines were shorter at Apple Stores for this iPhone than previous models.
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