iPad sales may be twice forecast

The iPad’s initial sales might have reached 700,000 units, Piper Jaffray & Co.’s Gene Munster said yesterday. The Minneapolis-based analyst had previously predicted sales of 200,000 to 300,000, while Sanford C. Bernstein & Co.’s Toni Sacconaghi projected 300,000 to 400,000.

The device went on sale Saturday, drawing crowds to stores across the United States and rivaling the frenzy seen when the iPhone went on sale in 2007.

Lines at five stores surveyed by Piper Jaffray were longer than expected, yet Apple had iPads available Saturday evening, signaling the company was able to produce enough devices to fulfill initial demand, Munster said.

“Sales held relatively steady during the day,’’ said Munster, who bought a $499, 16-gigabyte model for himself. “I have high expectations.’’

The iPad is Apple’s bid to turn tablet computers into popular consumer devices, something rivals such as Microsoft Corp. have failed to do. The product builds on the success of Apple’s iPhone and iPod, staking out the middle ground between smartphones and laptop computers.

Apple is betting the design is enticing enough that consumers are willing to pay a premium over low-cost notebooks. It starts at $499.

“It’s ridiculously expensive, way overpriced,’’ said Josh Klenert, a 36-year-old graphic designer, who still bought one. “You may call it a dumb computer or a smart telephone — it’s in between. It’s a unique, sexier device.’’

Klenert, whose one-bedroom apartment in New York has “more Macs than people,’’ pre-ordered the iPad and went to Apple’s SoHo store in New York City to be one of the first to buy it. He plans to use it for reading newspapers and magazines.

Hundreds of shoppers lined up to wait for stores to open, though crowds did not camp out for days, as they did when the iPhone debuted. Many of the buyers identified themselves as early adopters and Apple enthusiasts, making it harder to tell if the iPad will win over mainstream customers.

“I love it,’’ said Jacob Arentoft, a 37-year-old digital business developer from Copenhagen. After leaving Apple’s Fifth Avenue store in Manhattan, he unpacked the new silver gadget and waved it at the crowd. “The size fits, the design fits, everything fits,’’ he said.

Jobs made an opening-day appearance at his hometown store in Palo Alto, Calif., chatting with shoppers. Apple’s retail chief, Ron Johnson, was at the Fifth Avenue store and addressed employees before it opened.

Users can surf the Web, peruse digital books, watch videos, and play games on the iPad. What it lacks is a built-in camera or support for Adobe Systems Inc.’s Flash software, which runs much of the video on the Web. The device does not let users carry out multiple tasks at once.

The iPad’s first wave of reviews praised its ability to deliver digital books and video quickly, saying it measures up well against other devices, including Amazon.com Inc.’s Kindle e-book reader.

Bloomberg columnist Rich Jaroslovsky said it might change the way people relate to computers, requiring users to learn a “new language’’ that Apple has made “both elegant and very easy to master.’’ USA Today’s Edward Baig called the iPad “fun, simple, stunning to look at and blazingly fast.’’

Tablets have been available in one form or another since the 1990s, without catching on. They account for less than 1 percent of the personal-computer market, according to the research firm Gartner Inc.

The iPad’s success will depend partly on the attractiveness of applications that run on it. CBS Corp., the most-watched TV network, announced plans last week to offer episodes of shows such as “Survivor’’ and “CSI’’ on the iPad. Walt Disney Co. will release iPad applications for ABC shows and ESPN games. And Netflix Inc., the movie-rental company, will let subscribers watch programming streamed to the iPad.

Like the iPhone, the iPad will test Apple’s ability to conquer new markets. Since returning to the company in 1997, Jobs has revived the Macintosh computer business, reshaped digital music with the iPod, and pushed Apple into the mobile-phone field.

Adding those products propelled revenue and profit to record levels.

Apple may sell about 5 million iPads in the first 12 months, compared with 6.1 million iPhones in that product’s first year on the market, according to Sacconaghi. Researcher ISuppli Corp. says full-year sales may hit 7.1 million.