Apple stock price dipped at market close on Monday as the company sold “only” 5 million iPhone 5 units, a figure lesser than what people were expecting.

AAPL closed 1.3 percent lower to $690.79 in New York as the market closed on Monday.

Analysts have forecast that Apple may sell anywhere between 6 to 10 million iPhone 5 units in the first weekend it went on sale.

However, Apple announced it sold 5 million iPhone 5 smartphones.

This has caused the market to be disappointed with the performance of the tech industry darling which traded over $700 recently.

Nonetheless, this is still more than how many Apple initially sold of the iPhone 4S, the phone this latest Apple smartphone followed.

To put the iPhone 5 initial sales figure in context, Apple sold “only” 4 million units of the 4S during its first weekend on sale.

Some believe, however, that initial sales figure for the iPhone 5 is “only” 5 million because of supply constraints which isn’t helped by some recent troubles at its contract manufacturer Foxconn.

About Solon Harmony Dolor

A passion for technology and journalism makes this upcoming writer very interested in social media and technology news. Fresh from finishing an English and Journalism degree from the University of the Philippines Diliman, he aims to bring interesting news to our readers .