Even though no official numbers from Apple or AT&T have been revealed so far, according to a report by analyst firm Piper Jaffray, more than 500,000 iPhones were sold nationwide over the weekend, totaling an estimated $275 million in sales. Nearly all of AT&T's stores sold out its entire stock of iPhones, while Apple Stores were reportedly not far behind.

The iPhone’s debut marked one of the most-hyped product launches ever, not even the device’s lack of a user-replaceable battery, physical keyboard and the fact that is tied exclusively to AT&T and its relatively slow Edge network were enough to stop buyers from lining up days in advance to purchase the long awaited phone from Apple.

The iPhone – which combines a phone, Web browser and a music player – has thus far received favorable reviews all over the web. However, not everything went trouble free, as delays in AT&T's phone activation system left many buyers unable to use their new toy throughout the weekend.

"We are working on any issues on an individual basis with customers who were impacted," said Michael Coe, a spokesman for AT&T, the Apple Inc. device's exclusive carrier. Nearly all customers have been able to activate their phones within five to eight minutes, he said.
Activation issues aside, Apple’s iPhone has seen a strong start, nonetheless, the real test for the gadget begins now. The company has set a target of 10 million iPhones sold over the next 12 months — equating to about 1 percent of the mobile phone market.