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Apple announced on Monday that its iPad passed the 2 million mark in sales in less than two months since its release on April 3, although the milestone could have come sooner had the company anticipated the strength of consumer demand for its latest gadget.

The announcement comes just after Apple
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“Considering the significant supply constraints, they probably would have hit [2 million sold] earlier,” says Andy Hargreaves, an analyst at Pacific Crest Securities. “But given the supply and pace of sales, this is about what we would have expected.”

That wasn’t always the case, as Hargreaves, along with many others, was skeptical about demand before the iPad’s release. But that was then, and now he sees a very strong future for the product. “I think the momentum being seen in the iPad can certainly continue through the rest of the year,” Hargreaves says. “As you get into 2011 and the market becomes more competitive and people have a broader concept of what the product is, we’ll have to see.”

In Apple’s announcement Chief Executive Steve Jobs said he appreciates customer patience and that Apple is working hard to build enough iPads for everyone. Investors should expect to see iPad sales impact the company’s bottom-line immediately. “It’s a profitable product out of the gate, though it’s not up to the corporate average of about 40% gross margins and around 29% operating profit,” Hargreaves says.

Shares of Apple managed to maintain their gains despite the down market, closing the day with an increase of 1.5%, or $3.92, to $260.80. The rest of the technology sector was mixed though, as Hewlett-Packard
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After Apple sold 1 million iPads, Hargreaves noted that much of the consumer base included an older crowd, whose lifestyles are more conducive to the larger device rather than its pocket-size counterparts, the iPhone and iPod touch. (See “For Apple, A Million iPads Is Just The Start.”) He adds, though, that there has been a greater amount of business demand than he would have expected.

“Businesses have the standard desktop and notebook for all travel services, but people are augmenting those with the iPad for short trips and day trips, and finding value in carrying them around to all kinds of meetings,” Hargreaves says.

Separately, Adobe Systems
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The app allows magazine publishers to produce impressive digital versions of their magazines. The announcement after the two companies were making headlines over feuds centering on open platforms and the use of Flash technology. (See “Adobe Responds To Steve Jobs’ Flash Attack.”)