It was quite a weekend for Apple (AAPL) and sales of its much-hyped tablet computer, the iPad. Despite its lampooned name, the iPad sold over 300,000 units the first day, a number which included pre-orders for the device. Though the official sales numbers for the opening weekend aren’t yet in, industry analysts estimate that Apple sold between 600,000 and 700,000 iPads in just two days. If this figure holds up, it would easily best the 500,000 many pundits on Wall Street were hoping for in order to declare the iPad an opening weekend success.
The long lines of would-be iPad buyers outside many of the most popular Apple retail stores across the nation proves once again that Steve Jobs has the Midas touch when it comes to generating hype for his ultra-chic, ultra-user-friendly computing devices. The long lines and strong opening weekend demand are reminiscent of the initial iPhone rollout, as well as the rollout of the latest 3GS version of the company’s smart phone.
A March ChangeWave Alliance Research Network survey showed a huge wave of pre-launch demand for the iPad among respondents. In fact, the pre-launch demand for the iPad was actually stronger than the pre-launch demand seen in 2007 when Apple launched its original iPhone. That device turned out to be a game changer for the smart phone space, and it appears that the iPad has the same game-changing potential in the e-reader market.
The aforementioned ChangeWave survey also showed that the iPad will likely capture 40% of the e-reader market within the first 90 days of its release. That’s bad news for competitors such as Amazon (AMZN) and its Kindle, Barnes & Noble (BKS) and its Nook, and Sony (SNE) and its Reader device.
As you might expect given the blockbuster iPad weekend news, Apple shares were higher in Monday trade. In fact, the stock now trades at new all-time highs. Over the past 52 weeks, Apple shares are up nearly 118%, and over the past five years the stock has gained an incredible 477%.
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