Apple’s stock fell on the news that the company had sold a record-breaking 5 million iPhones in three days — just short of some analysts’ projections. Underscoring how Wall Street is a game of expectations, shares fell 1.3 percent to $691 despite the new smartphone out-selling its predecessor, the iPhone 4S, which was the fastest-selling consumer electronics product of all time.
At Apple Stores yesterday, iPhone 5s were being gobbled up by those who had pre-ordered online. Company officials would not explicitly confirm that stores had no excess phones in stock, but Apple CEO Tim Cook said in a statement, “While we have sold out of our initial supply, stores continue to receive iPhone 5 shipments regularly and customers can continue to order online and receive an estimated delivery date.”
Tom Mainelli, analyst at IDC in Framingham, said Apple should have let consumers know at the launch that its new maps feature was a work in progress. “Underlying all of this is an unrealistically high set of expectations around Apple,” he said. “They can’t have a wow product launch every 12 months. That’s just not how technology works.”