Apple Inc. is likely to sell more than twice as many iPads in its debut weekend than some analysts estimated, in an early sign that Chief Executive Officer Steve Jobs may succeed at reviving demand for table-style computers.
The iPad’s initial sales may have reached 700,000 units, Piper Jaffray & Co.’s Gene Munster said in an interview Sunday. The Minneapolis-based analyst previously predicted sales of 200,000 to 300,000, while Sanford C. Bernstein & Co.’s Toni Sacconaghi projected 300,000 to 400,000.
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The device went on sale Saturday, drawing crowds to stores across the United States and rivaling the frenzy seen when the iPhone went on sale in 2007. Lines at five stores surveyed by Piper Jaffray were longer than expected, yet Apple had iPads available Saturday evening, signaling the company was able to produce enough devices to fulfill initial demand, Munster said.
“Sales held relatively steady during the day,” said Munster, who bought a $499, 16-gigabyte model for himself. “I have high expectations.”
The iPad builds on the success of Apple’s iPhone and iPod, staking out the middle ground between smartphones and laptop computers. Tablets have been available in one form or another since the 1990s, without ever catching on — accounting for less than 1 percent of the personal-computer market, according to research firm Gartner Inc. Apple is betting its design is enticing enough that consumers are willing to pay a premium over low-cost notebooks. It starts at $499.
The iPad’s success will depend partly on the attractiveness of applications that run on it. CBS Corp., the most-watched U.S. TV network, announced plans last week to offer episodes of shows such as “Survivor” and “CSI” on the iPad. Walt Disney Co. will release iPad applications for ABC shows and ESPN games. And Netflix Inc., the movie-rental company, will let subscribers watch programming streamed to the iPad.
Apple stock, which has more than doubled in the past year, rose 97 cents to close at a record $235.97 April 1 in Nasdaq Stock Market trading. U.S. markets were closed April 2 for the Good Friday holiday.
