Analysts estimate that about 2.3 million of the new iPads sold over the weekend were the minitablets, surpassing expectations of 1 million to 1.5 million. Wall Street, which was disappointed with Apple's latest quarterly earnings, had been looking to the iPad mini to boost demand during the crucial yearend holiday shopping season as competition reaches a fever pitch.
Microsoft Corp became the latest major entrant to the market last month with the Windows-driven Surface. While lines for the new iPads appeared lighter than usual when they began selling at stores on Friday, the company said demand was so strong that it "practically sold out of iPad minis." Apple had never before introduced two different iPad models in one quarter.
Raymond James analyst Tavis McCourt said that while the sales number looked good, the company would need to sell another 20 million iPads this quarter to meet his estimate. "There's still a lot of wood to chop in the quarter," McCourt said. The company said it had shipped many of the new iPads ordered before the release date, but would not send some out until later this month. Apple had sold 3 million iPads in March, including those with cellular connections as well as Wi-Fi only models.
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