Early iPhone 5 Sales Good, But Miss Forecasts

Showing a rare sign of weakness, Apple missed sales expectations for the iPhone 5 on its debut weekend. Bloomberg attributed the miss mainly to “supply constraints.” The company that Steve Jobs built sold more than 5 million iPhone 5s in three days -- surpassing the record set last year by the iPhone 4S. Yet, expectations were far higher. Gene Munster, an analyst at Piper Jaffray, predicted that Apple would sell as many as 10 million iPhone 5s on opening weekend. Responsible for about two-thirds of Apple’s profit, the success of the iPhone remains critical to the company’s success.

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