iPad 2 sells Out in Debut Weekend

According to published reports following Friday’s launch of Apple’s second-generation iPad, the Cupertino-California tech giant has reportedly sold out of its entire initial inventory of iPad 2s.

According to research from Piper Jaffray analyst Gene Munster, the iPad 2 was sold out of every store in the United States by Saturday. On Monday, that projection was similarly confirmed by Deutsche Bank analysts.

Preliminary reports suggest that Apple sold upwards of 500,000 iPad 2s over the new tablet’s launch weekend. By comparison, only 300,000 first-generation iPads were sold during the tablet’s debut weekend in spring 2010.

We believe this shows Apple is expanding its base of iPad users, which is critical to maintaining its early lead in the growing tablet market. As the user base grows Apple’s lead widens, and the company has a proven track record of building unmatched brand loyalty, which we believe will be a potent combination as the tablet market evolves.

Munster and company surveyed myriad locations where the iPad 2 was initially made available (Apple stores, Target, Best Buy, etc.) and the findings were clear. There was absolutely no stock left.

Munster’s research also reveals that a large number of iPad 2 buyers did not purchase the first iPad. Based on information gleaned from would-be buyers in line at various  locations, Munster found that 70% of people were getting their first tablet.

Munster now believes that sales will likely top his earlier prediction of 5.5 million iPad 2s in this quarter.