iPad Mini sales are white hot.
Apple sold out of initial supplies of the white version of the smaller tablet yesterday, the first day it began accepting “pre-orders.”
The company’s website now promises to ship pre-ordered devices within two weeks — pushing the delivery window beyond Nov. 2, when the device is set to hit stores. The black version is still listed as available for the Nov. 2 launch.
Consumers may have been holding off iPad purchases in anticipation of the mini model.
Apple disappointed Wall Street this week when it said that it sold a fewer-than-expected 14 million iPads in the quarter ended September. CEO Tim Cook blamed some of the shortfall on consumers waiting for a product refresh.
Apple also showed off the fourth-generation full-size iPad this week.
Apple is reportedly producing 10 million iPad Minis for sale in the holiday quarter. It has plenty of competition from Amazon, Google, and now Microsoft with its new Surface tablet, which also sold out on pre-order.
The companies do not say how many of the devices they make available for ordering online before the tablets start selling in stores.
Apple released results this week along with a slew of new product upgrades. The product transition led to higher costs that cut into Apple’s profit margins.
Analysts fear the lower cost of the iPad Mini — $329 to $659 — will further erode profit margins.
BGC Partners analyst Colin Gillis already lowered his estimate on the average selling price of the iPad from $535 to $500.
“It changes the dynamic,” Gillis said. “There is flat out less revenue from the same number of units.”
After the latest new product rush, however, Apple doesn’t appear to have much in the pipeline until well into next year.
Shares fell 1 percent to $604 yesterday.