Economy

In Debut Weekend, Apple Sells Out Of Newest iPad

Alex Shumilov of Moscow is the first customer to walk out of the Apple store on Fifth Avenue in New York after purchasing two iPad 2s last Friday. i i

hide captionAlex Shumilov of Moscow is the first customer to walk out of the Apple store on Fifth Avenue in New York after purchasing two iPad 2s last Friday.

Mary Altaffer/AP
Alex Shumilov of Moscow is the first customer to walk out of the Apple store on Fifth Avenue in New York after purchasing two iPad 2s last Friday.

Alex Shumilov of Moscow is the first customer to walk out of the Apple store on Fifth Avenue in New York after purchasing two iPad 2s last Friday.

Mary Altaffer/AP

The upgrades to the iPad 2 weren't terribly significant: It was faster than the original iPad; it had two cameras and it was thinner. Still, Reuters reports that after its debut weekend, analysts predict that Apple has sold close to 1 million iPad 2s. Reuter reports:

By comparison, the original version of the iPad, which launched in April of 2010, crossed the one-million mark 28 days after its launch.

Apple shares rose 0.6 percent to $354.20 in morning trade on the Nasdaq, even as shares of many other technology companies slumped. The Nasdaq was down 0.7 percent.

Analysts quoted by Fortune estimated the sales number a lot lower. They think Apple sold anywhere from 400,000 to 500,000 units. According to analyst Gene Munster at Piper Jaffray, 70 percent of them were sold to first time iPad owners. Munster told Fortune:

"We believe this shows Apple is expanding its base of iPad users, which is critical to maintaining its early lead in the growing tablet market. As the user base grows Apple's lead widens, and the company has a proven track record of building unmatched brand loyalty, which we believe will be a potent combination as the tablet market evolves."

Apple spokesperson Trudy Muller told the website The Loop that demand for the iPad has been "amazing."

"We are working hard to get iPad 2 into the hands of every customer who wants one as quickly as possible," said Muller, who would not say how many iPads were sold.

Apple Insider, a website dedicated to Apple news, quotes Chris Whitmore, a Deutshe Bank analyst, as saying Apple's lead in the tablet market is "insurmountable."

Whitmore said Apple would have no problem selling 30 million iPads in 2011. Apple sold about 15 million iPads last year.

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