Will iPhone 5 Sales Shoot Up the Roof?

With Apple (NASDAQ:AAPL) seemingly ready to finally launch its next-generation iPhone in the coming week, Piper Jaffray analyst Gene Munster is predicting the company could possibly sell between 6 million to 10 million units of the device within the first week.

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“We believe that if the 21st is the actual ship date, Apple could sell six million to 10 million iPhone 5s in the final week of September barring supply issues,” Munster said, according to AllThingsD.

Apple has seen such frenzied buying before, when the iPhone 4S saw 1 million pre-orders within 24 hours of launch and sales reached 4 million in the first three days.

While on average Wall Street currently expects Apple to report sales of between 22 million and 23 million iPhones during the September quarter, they could go up to between 26 million and 28 million units, Munster added.

The sales boost will be welcomed by Apple, which has been reported to be seeing slowed demand for its smartphone as customers wait for the next version of the device. In August, the Samsung Galaxy S III surpassed sales of the Apple smartphone, the first time any device had done so since the iPhone 4S was released last October.

Owing to slow sales, Apple had missed analyst earnings estimates in its third quarter ending June, reporting net income of $8.8 billion on revenue of $35 billion and earnings per share of $9.32. According to analysts, the company was expected to bring in earnings per share of $10.36 on revenue of $37.2 billion.

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