iPhone 5 pre-orders sell out in one hour

September 14, 2012 10:09:17 AM PDT
The first batch of Apple's iPhone 5 has already sold out on the company website.

The Cupertino-based company began taking orders at midnight, promising delivery by next Friday when the new phone goes on sale in stores.

Hours later, the expected delivery time grew to two weeks. That means people who didn't get an iPhone 5 when it started pre-orders will have to wait until at least Sept. 28 to receive their device.

Analysts say the quick rise in the expected delivery suggests much stronger demand than Apple expected.