Shares of Apple Inc. (NASDAQ: AAPL) sank in late-day trading Tuesday after AT&T (NYSE: T) said the early surge of iPhone buying wasn't as big as projected. AT&T reported that 146,000 iPhone owners activated its service in the first 36 hours of the phone's debut. While that would be a huge success for any other consumer-electronic product, it was considered a flop by some. Besides, the much-touted iPhone isn't "any other consumer-electronic product." A number of analysts expected AT&T to report activating as many as 500,000-700,000 iPhones for the quarter. "It was a disappointment," a Piper Jaffray analyst told USA Today. The news sent shares of Apple down nearly $9, to $134 yesterday, while AT&T dropped $0.35 to $39.68. Both companies are up notably today.
Richard Linder, AT&T's Chief Financial Officer told the New York Times that demand for the iPhone at AT&T stores had outstripped supply in two days and that the launch "couldn't have gone better." Richard Doherty, an analyst at Envisoneering Group, considered the iPhone sales a success. He told USA Today that "no consumer electronic product at that price point has ever sold 146,000 units in two days."
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