Apple sells more than 10M new iPhones in first 3 days

Sep 23, 2014, 2:51 AM EDT
 An Apple iPhone 6 stands on display at the Apple Store on the first day of sales of the new phone in Germany on September 19, 2014 in Berlin, Germany.
AFP/Getty Images

Apple Inc said it sold more than 10 million iPhones in the first weekend after its new models went on sale on Friday, underscoring strong demand for phones with larger displays. Reuters writes:

Chief Executive Tim Cook said the company could have sold even more iPhone 6 and iPhone 6 Plus models if supplies had been available. Analysts had estimated first-weekend sales of up to 10 million iPhones, after Apple booked record pre-orders of 4 million on Sept. 12, the day pre-orders opened.

Apple's shares were little changed at $100.98 in afternoon trading on the Nasdaq on Monday.

The company's first-quarter revenue is likely to be 9 percent higher than Wall Street estimates, based on reported sales and projected demand for the new iPhones, Piper Jaffray & Co analyst Gene Munster wrote in a note. Munster said he expected earnings per share to be 12 percent higher than estimates.

"Despite the supply chain constraints around the iPhone 6 Plus and tightness around certain models of the iPhone 6, we believe (Monday's) strong print demonstrates that Apple executed extremely well in the face of severe supply constraints," Cantor Fitzgerald analyst Brian White wrote in a note.

Late Saturday afternoon, with would-be iPhone buyers still queuing in front of Apple Inc.’s marble-and-glass emporium on Berlin’s Kurfuerstendamm, three masked gunmen stormed a security company’s van that was hauling away the pile of euros the store had taken in over the weekend. Bloomberg reports:

One reason the outlet had so much cash on hand: Germans are famously behind much of the developed world in credit- and debit-card payments, with cash still used in more than half of money spent in stores.

The iPhone 6, released Sept. 19, presents an opportunity for Germans to move toward a cashless future.

Whereas Americans, Scandinavians, French and Italians can buy a cup of coffee or a pack of gum with a card, it’s rare for Germans to use plastic for such payments, and it can be hard to find a cafe or restaurant in Berlin, Munich or Frankfurt that will accept credit cards.

Just 15 percent of retail payments in Germany are made by credit or debit card, the lowest among seven countries studied by the European Central Bank in a paper released in June. In the U.S., by contrast, 45 percent of payments are made by card.