Apple Sells Over 300,000 iPads

iPad teardown shot, via the FCC.
(Click for larger image and for all 17 iPad teardown photos. )

Gene Munster, an analyst with Piper Jaffray & Co., estimated first-day sales of 200,000 to 300,000.

The news prompted JP Morgan to revise its price target for Apple's stock from $240 to $305.

Apple's stock was up slightly about fifteen minutes after the market opened on Monday and is up about 12% so far this year.

"It feels great to have the iPad launched into the world -- it's going to be a game changer," said Apple CEO Steve Jobs in a statement. "iPad users, on average, downloaded more than three apps and close to one book within hours of unpacking their new iPad."

Apple also said that iPad users downloaded over one million apps from its App Store and over 250,000 e-books from the company's new iBookstore on Saturday.

Apple is expected to sell 7.1 million iPads worldwide in 2010, iSuppli said on Friday.

The research firm is predicting that sales will reach 14.4 million in 2011 and 20.1 million in 2012.

Despite long lines on Saturday, many Apple Stores still had some iPads available on Monday.

Though the iPad has won predominantly favorable reviews, a handful of customers have complained on Apple's support forum about poor WiFi performance.

A report on Friday claims that Apple has acquired Intrinsity, a privately-owned ARM chip design company.

An Apple spokesperson was not immediately available for comment.

In 2008, Apple acquired PA Semi, another ARM chip design company, to make processors for its products.