As expected, Apple Inc. sold out of the iPhone 5, with more than 5 million in the hands of new users, according to the company.
Apple indicated last week that pre-orders outstripped initial supply and many phones would not be shipped until October. Still, the company held back a number of iPhone 5s to sell in its retail outlets last Friday, but they were quickly snapped up.
"They may not be able to build them fast enough to hit their targets," Colin Gillis, a research analyst with BGC, told Reuters. "The reality is, if they can't build fast enough, any hiccup is going to be a negative."
Shares of Apple were down this morning in early trading, selling at $691.54, a dip of 1.2 percent.