Up to 700,000 Apple iPad Devices Sold On Day One Says Analyst

An analyst working with investment bank Piper Jaffray has claimed that Apple Inc. has managed to sell 600,000 to 700,000 iPads on the first day of its launch.

The analyst, Gene Munster, came to the conclusion after counting the number of people that stood in line outside Apple stores.

Interestingly, the analyst, who had early estimated that the company will sell 300,000 iPad on the day on the launch, later doubled the figure after technology blog Electronista reported that around 730 people were lined outside Apple's main store in New York City before 9:00 am on Saturday.

Meanwhile, when the estimated figures are compared to the 540 people that turned-up outside Apple's store when the iPhone was launched, it seems that Apple would have definitely be able to sell 600,000 to 700,000 units on Saturday.

However, Gene Munster has been wrong in the past when he had predicted that the company will be able to sell 500,000 iPhone 3GS during the weekend launch in June 2009.

At that time, the company had come forward with the exact number of iPhone 3GS sold within the span of 3 days, which was 1 million units, a lot higher that what Munster had predicted.