In a note to analysts — as reported by “The MacObserver” ( — Wells Fargo analyst Maynard Um says that, though some pundits were disappointed that Apple “only” sold five million iPhone smartphones over its launch weekend, it’s no cause for concern. After all, that’s a million more than Apple sold during the launch weekend of the iPhone 4S.

“Apple announced it has sold over 5 million iPhone 5s in the opening weekend, which exceeds the prior record of over 4 million sold when iPhone 4S was launched last October,” Um says. “However, Apple also noted that ‘while the majority of pre-orders have been shipped to customers, many are scheduled to be shipped in October. We believe this will cause some concern with regard to total iPhone 5 units in the September quarter, which we think expectations reached as high as 10 million units.”