Apple sells out of iPhone 5, sales top 5 million

Apple says majority of preorders shipped, others scheduled to go out in October.

Apple Inc sold out of its latest smartphone, with more than 5 million iPhone 5 sales in the three days after it hit stores, the company said on Monday.

That number blasted past sales of the iPhone 4. When Apple introduced it in October 2011, it sold more than 4 million units in its first weekend.

With the iPhone 5, Apple said that while the majority of preorders have been shipped to customers, many are scheduled to go out in October.

On Friday, Apple fans lined up around the world to get their hands on the new smartphone - which is thinner and lighter and has a bigger screen.

Shares of Apple were down 2.4 percent at $683.45 in premarket trading.