Verizon Online iPhone Sales Outpacing Retail (VZ, AAPL)

According to Verizon Wireless executives, the company is selling more Apple AAPL iPhones online than in retail stores. The comments came in response to concerns that the light crowds which coincided with the store launch of the much awaited device signaled low initial sales. CEO Daniel Mead said that contrary to early reports, demand for the phone has been at record levels since the company began selling it on its website on February 3. Mead told Reuters that around 60% of Verizon's VZ iPhone sales were coming via the company's website and this was the likely reason that lines weren't longer at Verizon retail locations on February 10, when the phone hit shelves. According to the CEO, the iPhone has substantially increased the rate at which consumers are switching to Verizon Wireless from all of its U.S. rivals. The company anticipates selling as many as 11 million iPhones in 2011.