Apple CEO Chalks Up Lower-Than-Expected iPhone Sales To Short Supply
In its first weekend on the market, Apple's iPhone 5 hit 5 million units sold. Shareholders were expecting a bigger pop, and Apple shares dropped in the wake of the report.
Always one to come up with positive spin, Apple CEO Tim Cook pitched the situation as one of short supply and not stemming from weakening demand.
"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," Cook said in a statement. "We appreciate everyone's patience and are working hard to build enough iPhone 5s for everyone."