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Apple Inc. Says New iPhone Supply Falls Short Of Demand

Apple Inc. (NASDAQ: AAPL) said Monday its iPhone 6 and iPhone 6 Plus supplies fell short of demand during the three days following the products' September 19 retail launch.

Apple said it sold sold more than 10 million of the phones during the period Friday through Sunday -- an amount inline with Wall Street's expectations. The phones became available in retail stores Friday morning at prices ranging from $200 to $500.

Apple shares were up 0.5 percent early Monday, while the NASDAQ lost a similar percentage.

"We could have sold many more" had supplies been greater," Chief Executive Tim Cook said. "We are working hard to fill orders as quickly as possible.”

BMO Capital Markets Keith Bachman estimated the company will sell 35 million units in the current quarter, while Evercore Partners Robert Cihra forecast 37 million units.

Sales performance of the new phones through Sunday compares with a reported nine million sales of Apple's iPhone 5s and iPhone 5cs during their first weekend on sale in 2013.

"We couldn't be happier," Cook said of the recent sales, which despite the undersupply, "exceeded expectations" of the company for the launch weekend.

Apple said last week that demand for the phones exceeded the initial pre-order supply with many of the pre-orders now slated for delivery in October.

The highly-touted Apple Pay system isn't so far included in the phones, and Apple now expects to offer the system as a free "upgrade" next month.

The phones are currently available in the United States, Australia, Canada, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore and the U.K. and will be available in more than 20 additional countries on September 26. The new iPhones will be available in 115 countries by the end of the year.

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© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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