The LA Times reports that Trip Chowdhry, an analyst at Global Equities Research, puts the figure at 525,000.

As previously reported (iPhone supply generally meets initial demand ), Piper Jaffray's Gene Munster estimated sales of 500,000 units.

If these figures are correct, Apple has already sold five percent of the iPhones it expects to ship during the first year. While Apple deserves to be satisfied with the buzz generated by the launch, did it actually move enough iPhones to be on track to reach its target of 10 million by the end of 2008?

Probably. While most AT&T stores ran out over the weekend, most Apple Stores still have stocks - the exceptions are Phoenix, Californian stores outside San Francisco, several in Florida, Atlanta, Hawaii, Northbrook (Illinois), Grand Rapids (Michigan), most Minnesota stores, Nevada, Lake Grove (New York), Oklahoma City, Ardmore (Pennsylvania), Nashville, several in Texas, Utah, and most in Washington

If fewer units had been sold, Apple might have been feeling uneasy. It's not like a movie, where opening weekend figures can determine the fate of a new release, but given the level of excitement, anything much below four times the weekly average needed to hit the target for the first year could have been cause for concern.

That 10 million looks well within reach if Apple can follow up a strong - though not overwhelming - first weekend with solid Christmas sales in 2007 and 2008 along with steady sales during 'ordinary' weeks.