Revenues: iPhone 5 sales top five million

NEW YORK: The new iPhone 5 broke records in its launch weekend with sales above five million, Apple said Monday, but the figures were below some forecasts and pressured the company’s share price. Apple shares closed down 1.46 percent at $689.88 after hitting record highs last week. The early sales data was a negative surprise for some expecting a figure up to 10 million. But others noted that Apple is being constrained only by supply. “We believe this is a classic case of near-term expectations getting out of touch with reality,” said analyst Shaw Wu at Sterne Agee.

Published in The Express Tribune, September 25^th, 2012.