Apple 2.0

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Apple: 3 million iPads in 3 days

November 5, 2012: 9:03 AM ET

In pre-market trading, AAPL went from down $3 to up more than $8 on the news

iPad line in NYC. Photo: PED

FORTUNE -- Apple (AAPL) announced Monday that it sold 3 million iPads in the three-day weekend since sales of the iPad mini and fourth-generation iPad began Friday morning.

The company did not offer details about how many of each model it sold, although the vast majority of customers who queued up on Friday were buying the mini.

"We set a new launch weekend record and practically sold out of iPad minis," CEO Tim Cook said. "We're working hard to build more quickly to meet the incredible demand."

According to the press release, 3 million units is double the previous first weekend milestone of 1.5 million set by the third generation iPad in March. Analyst forecasts of how many iPad minis the company would sell ranged from 800,000 to 3 million, with one analyst predicting that Wall Street would punish the stock if Apple sold fewer than 3 million. (See here.)

Apple shares, which had been down as much as $3 in pre-market trading, quickly jumped to more than $8 higher. Shares opened Monday at $583.29, up 1.12% from Friday's close.

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Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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