Piper Jaffray analyst Gene Munster told reporters on Monday morning that his firm believes Apple may have sold 500,000 iPhones over its first weekend.
The Los Angeles Times also reported similar figures citing an analyst from Global Equities Research.
Shoppers snatched up about 525,000 of the devices at Apple and AT&T stores from Friday’s launch through Sunday, said Trip Chowdhry
As trading begun on Monday morning stocks in Apple Inc and AT&T began to fall.
World of Apple of spoke to one person familiar with the activities of Wall Street who stated that today’s news that Universal is seeking shorter contracts will affect the price somewhat. The news has failed to shake the market drastically but Universals catalogue does consist of 25% of iTunes’ downloads but on the other hand iTunes makes up 15% of Universals profits.
Since the iPhones announcement in January Apple’s stock has risen 40%, following the launch of the product many people are beginning to cash in on the profits. The market always reacts in the same way following a product release.
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