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(Photo credit: methodshop.com)

Apple has reported that it has sold over 5 million units of the newly released iPhone 5 over just three days. The sales exceeded the 4 million units Apple sold of the iPhone 4s when it was released a year ago.

According to Apple CEO Tim Cook, “demand for iPhone 5 has been incredible and we are working hard to get an iPhone 5 into the hands of every customer who wants one as quickly as possible.” Cook added that the initial supply of units have sold out but Apple is hard at work replenishing stocks in stores while also continuing to accept online orders.

But even with a record 5 million units sold over its first three days on sale, the numbers posted by Apple are considered a disappointment if it is compared to the estimates predicted in Wall Street. According to market analysts, Apple was expected to sell between 6 to 10 million units during its opening weekend, with 6 million units sold seen as a “worst case scenario.” Stocks of Apple has fallen by more than nine points in the last few days.

Despite what is seen as lackluster sales, Apple is still happy with the amount it has sold. The company posted a record for first day sales with two million units being sold within a day of its release.

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