How Many iPads Did Apple Sell Over the Weekend?

  Google+  Twitter | + More Articles
  • Like on Facebook
  • Share on Google+
  • Share on LinkedIn

Apple (NASDAQ:AAPL) said it sold a combined 3 million units of the iPad mini and the fourth-generation iPad over the devices’ debut weekend. However, supply issues continue to plague the company’s products as it added that demand for the smaller version of the tablet outdid supply.

“Demand for iPad mini exceeded the initial supply and while many of the pre-orders have been shipped to customers, some are scheduled to be shipped later this month,” Apple said in a statement released on Monday.

Our 20-page proprietary analysis of Apple’s stock is ready. Click here and to get your Cheat Sheet report now!

The iPad mini opened for pre-orders on October 26 and reached stores in the U.S. and 33 other countries on November 2. While the first models available for sale were Wi-Fi-only, data-enabled versions will arrive later this month. The iPad mini starts at $329 for the Wi-Fi model. The updated version of the 9.7-inch iPad starts at $499.

“Customers around the world love the new iPad mini and fourth generation iPad,” the statement from Apple added. “We set a new launch weekend record and practically sold out of iPad minis. We’re working hard to build more quickly to meet the incredible demand.”

While Piper Jaffray analyst Gene Munster expects Apple to sell between 1 million and 1.5 million units of the iPad mini, according to Walter Piecyk of BTIG Research, the company will need to ship out 3 million units to demonstrate adequate demand.

The 7.9-inch tablet is designed to take on competition from competing products from Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOG), among others.

Don’t Miss: Who is Apple Trying to Please With the iPad Mini?

More Articles About:

To contact the reporter on this story: staff.writers@wallstcheatsheet.com To contact the editor responsible for this story: editors@wallstcheatsheet.com

Yahoo Finance, Harvard Business Review, Market Watch, The Wall St. Journal, Financial Times, CNN Money, Fox Business