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People line up outside of the Apple Store on 5th Avenue for the release of Apple's iPhone 5 in New York, September 21, 2012.

LUCAS JACKSON/REUTERS

Apple Inc. sold out of its latest smartphone, with more than five million iPhone 5 sold in the three days since it hit stores, the company said on Monday.

The early total blasted past sales of the iPhone 4S, which sold more than four million units in its first weekend after Apple introduced it in October, 2011.

Apple said while the majority of iPhone 5 pre-orders have been shipped to customers, many were scheduled to go out in October.

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"While we have sold out of our initial supply, stores continue to receive iPhone 5 shipments regularly and customers can continue to order online and receive an estimated delivery date," Apple chief executive officer Tim Cook said in a statement.

Apple signalled last week that pre-orders outstripped initial supply and that many phones would not be available until October.

Still, there were concerns Apple may not be able to produce t he iPhone 5 fast enough to meet demand a round the world.

"They may not be able to build them fast enough to hit their targets," said Colin Gillis, a research analyst with BGC. "The reality is if they can't build (fast enough), any hiccup is going to be a negative."

On Friday, fans lined up at stores in cities around the world to get their hands on the new phone, which is thinner and lighter and has a bigger screen.

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