NEW YORK\u2014Sales of Apple\u2019s new iPhone 5 broke records in its launch weekend with sales above five million, a figure that disappointed analysts and pressured the company\u2019s share price.
\nApple shares fell more than two percent in opening trade Monday before paring losses, as analysts said the Silicon Valley tech giant was facing supply constraints, which limited sales of the new smartphone.
\n\u201cDemand 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,\u201d said Tim Cook, Apple\u2019s chief executive, in a statement early Monday.
\nApple opened sales Friday of the latest version of the iconic smartphone, leading to long queues in the nine launch countries.
\nThe phone will be available in 22 more countries by the end of the week and 100 countries by year\u2019s end.
\nCook said that \u201cwhile 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.
\n\u201cWe appreciate everyone\u2019s patience and are working hard to build enough iPhone 5s for everyone,\u201d he said.
\nApple also said that the new mobile operating system iOS 6 had been downloaded for \u201cmore than 100 million iOS devices\u201d since it was launched last week.
\nAnalysts expect massive sales of the iPhone 5, which is lighter, slimmer and more powerful than its predecessors, even though the device has garnered only lukewarm reviews and has drawn complaints for its glitch-prone maps program.
\nBut at 1440 GMT, Apple shares were down 1.42 percent at $690.17.
\nBrian White at Topeka Capital Markets said the iPhone sales figures were \u201cbelow our expectations\u201d and added that \u201cwe were at the lower end of expectations.\u201d
\n\u201cWe believe this shortfall is largely due to supply availability and the fact that most consumers are opting for the pre-order option,\u201d White said in a note to clients.
\n\u201cWe remain aggressive buyers of Apple on any weakness in the stock price this morning as we believe Apple has another blockbuster on its hands with the iPhone 5 and we expect the \u2018iPad Mini\u2019 to launch in the coming weeks.\u201d
\nLast week, Deutsche Bank analysts boosted their estimates for overall iPhone sales, saying they expected between five and six million in the opening weekend and 138 million by the end of 2012.
\nBen Reitzes at Barclays said Apple is \u201cfacing significant production constraints\u201d but that this will only push back sales a bit.
\n\u201cWe believe our estimates for Apple could still be conservative after the September quarter. We reiterate our overweight rating and our $810 price target,\u201d he said in a note to clients.
\nSome analysts argue, however, that Apple has fallen short, as other companies such as Samsung improve rival offerings powered by Google\u2019s Android operating system.
\nApple also faced a barrage of criticism after it ditched Google\u2019s maps application in favor of its own program riddled with errors. Many users protested that the new maps misplace some landmarks and leave others off altogether.<\/p>\n