IPad Likely Beat Estimates

Apple Inc. probably sold more than twice as many iPads in its debut weekend as some analysts estimated, an early sign that Chief Executive Officer Steve Jobs may succeed at reviving demand for tablet-style computers.
The iPad’s initial sales may have reached 700,000 units, Piper Jaffray & Co.’s Gene Munster said in an interview yesterday. The Minneapolis-based analyst had predicted sales of 200,000 to 300,000, while Sanford C. Bernstein & Co.’s Toni Sacconaghi had projected 300,000 to 400,000. JPMorgan Chase & Co.’s Mark Moskowitz estimated 825,000 in the quarter to June.
The device went on sale April 3, drawing crowds to stores across the U.S. and rivaling the frenzy seen when the iPhone was introduced in 2007. Lines at five stores surveyed by Piper Jaffray were longer than expected, yet Apple had iPads available late in the opening day, signaling the company was able to produce enough devices to fulfill initial demand, Munster said.