iPhone launch was a huge success

According to analyst’s estimate, Apple may have sold 500,000 iPhones since doors opened at 6PM on Friday, June 29. Should this figure holds true, the iPhone’s sales lived up to and even exceeded its hype.

Piper Jaffray’s Gene Munster released a report Sunday night estimating that the iPhone sales would reach the 500,000 mark through the close of business Sunday. His previous forecast for first weekend sales was only 200,000 units – wow what a big jump.

"Overall, Apple met strong demand over the weekend with adequate supply," he wrote in the report. "We were surprised by the rate at which Apple was able to sell the handsets, with 50 cashiers processing up to 1,000 iPhones an hour in some stores."

Apple was not immediately available to comment on the estimate early this morning.

Furthermore, sources close to the situation reported that just less than 2 percent of new iPhone owners had problems activating service with AT&T Wireless (we bought two phones, and one of the two had problems getting activated).

AT&T said only that the overwhelming majority of its customers activated the iPhones without any problems. "We're extraordinary pleased on how things have gone," said Mark Siegel, spokesman for the wireless unit of AT&T.

Vincent’s take: Apple is genius for releasing what seems to be the magic number of iPhones. There’s a sense of scarcity while still having an adequate amount of iPhones in the majority of Apple and AT&T retailers. Reports are showing that virtually all of the 1,800 retail locations for AT&T were out of the iPhone heading into Monday. This information was current as of 9 p.m. Sunday. If you want to buy an iPhone, head to your closest Apple store.

Apple’s Web site also reported two to four weeks for deliveries of purchases made online.

iPhone sales said to hit half-million [CNNMoney]