APPLE ANNOUNCES OPENING WEEKEND IPHONE 6 SALES WERE OVER 10 MILLION

Apple just announced opening weekend iPhone 6 sales were over 10 million.

This is a record for Apple, but it's just about in line with analyst expecations. Ben Reitzes of Barclays said that anything over 10 million units during the opening weekend would be considered a "positive surprise." Walt Piecyk at BTIG was predicting 10 million sold.

The stock is barely moving on the news.

Last year, Apple said it sold 9 million iPhone 5Cs and iPhone 5Ss during the opening weekend. However, those sales aren't a great comparison. Gene Munster at Piper Jaffray believes that ~3.6 million of those sales were iPhone 5Cs that just sat in the channel.

Munster thinks Apple sold 5.4 million iPhone 5S phones last year, which is the better number for comparing to this year. If you use that number as the comparison for the iPhone 6, it was a huge year-over-year gain.

The iPhone 6 is expected to be a monster seller for Apple. After years of selling phones with a relatively small 4-inch screen, Apple is now selling two phones with screens as big as most Android phones. The iPhone 6 has a 4.7-inch screen. And the iPhone 6 plus has a 5.5-inch screen.

Previously, Apple CEO Tim Cook said he expected these new phones would trigger the "mother of all upgrade cycles."

Opening weekend sales are a difficult way to really judge the interest/demand in a phone. We didn't see reports of Apple selling out the iPhone 6 model. We did see reports of the 6 Plus selling out.

"We caution investors that first weekend sales for iPhones is a meaningless figure since it really only represents Apple's supply," said Reitzes in a note on Friday. "Demand is clearly there for the phones - in the 10's of millions right now and significant demand will likely spill out of September into future months."

Here is the press release from Apple:

CUPERTINO, Calif.--(BUSINESS WIRE)--

"Sales for iPhone 6 and iPhone 6 Plus exceeded our expectations for the launch weekend, and we couldn't be happier," said Tim Cook, Apple's CEO. "We would like to thank all of our customers for making this our best launch ever, shattering all previous sell-through records by a large margin. While our team managed the manufacturing ramp better than ever before, we could have sold many more iPhones with greater supply and we are working hard to fill orders as quickly as possible."

iPhone 6 and iPhone 6 Plus are the biggest advancements in iPhone history, featuring two new models with stunning 4.7-inch and 5.5-inch Retina® HD displays, and packed with innovative technologies in an all-new dramatically thin and seamless design that is still comfortable to hold and easy to use. Both models are better in every way and include: the Apple-designed A8 chip with second generation 64-bit desktop-class architecture for blazing fast performance and power efficiency; advanced iSight® and FaceTime® HD cameras; ultrafast wireless technologies; and Apple Pay™, an easier way to simply and securely make payments with just the touch of a finger.*

The new iPhones include iOS 8, the biggest release since the App Store?, featuring a simpler, faster and more intuitive user experience with new Messages and Photos features, predictive typing for Apple's QuickType™ keyboard and Family Sharing. iOS 8 also includes the new Health app, giving you a clear overview of your health and fitness data and iCloud Drive?, so you can store files and access them from anywhere.

Customers are encouraged to check the Apple Store® app or online to receive updates on availability and estimated delivery dates. Every customer who buys an iPhone 6 or iPhone 6 Plus at an Apple retail store will be offered free Personal Setup service, helping them customize their iPhone by setting up email, showing them new apps from the App Store and more, so they'll be up and running with their new iPhone before they leave the store. Customers can also learn more about iOS 8 and their new device through free workshops at all Apple retail stores worldwide. In the US, the new iPhones are also available through AT&T, Sprint, T-Mobile, Verizon Wireless, and additional carriers, and Apple Authorized Resellers including Best Buy, Radio Shack, Target and Walmart.