Apple has sold more than 5 million iPhone 5 to users in three days of its availability. While the demand for the phone has been high and the initial sales have been a record, analysts were a little disappointed. The weekend did not meet analyst estimates that led to a lowering of Apple shares on Monday. The sales have been higher than that of iPhone 4 but analysts believe demand for the new handset exceeded initial supply.

Even as the demand for iPhone 5 has made Apple a leader in its category, “The number is lower than what people had expected,” Topeka Capital Markets analyst Brian White has said. He had estimated debut weekend sales of 6 million to 6.5 million units. Some other analysts had expected more than 10 million sales. The shortage seems to be because of a problem of supply.

Apple shares fell 1.3 percent to $690.79 on Monday.