iPhone 5 sales disappoint despite sales of over 5 million units

Last week, at the opening of the iPhone 5 launch, Apple revealed that pre-sale orders had hit a record-breaking 2 million devices. That figure was double that of the 1 million advance sales that the iPhone 4S attracted within 24 hours last October. Back then, Apple was "blown away" with the consumer response as they witnessed sales that were the most for any new product that they had ever launched.

Apple must surely be feeling good about the new level of sales that iPhone 5 has achieved. Latest figures released yesterday (24 September) reveal that the California-based firm has now sold over 5 million iPhone 5s.

However, analysts had been forecasting Apple would sell as many as 10 million units during its first three days of sales. Consequently, Apple shares, which had risen sharply in the run-up to the iPhone 5 release, reflected this disappointment by dropping 1.3% to $690.79 this week.

To date, Apple has only released the iPhone 5 in nine countries: US, UK, Australia, Canada, France, Germany, Hong Kong, Japan, and Singapore.

"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."

Workers at the Foxconn factory in Taiyuan, where parts for the iPhone 5 are made, are returning to work today after a dispute that shut down the factory for 24 hours.

Tags: Apple, iPhone, mobile phone, sales, smartphone