Apple: Low-Balling iPad Sales?

Here’s an interesting theory: is Apple (AAPL) low-balling the true number of iPads sold to date?

This morning, Apple said that it sold over 300,000 iPads as of midnight Saturday. That includes pre-ordered iPads delivered to customers, deliveries to channel partners and sales at Apple retail stores.

Wedge Partners analyst Brian Blair points out in a research note that Apple’s number does not include:

• Any 3G iPads ordered to date (since they won’t be delivered until later this month)
• Nor any iPads that have been ordered but not delivered; he notes that it has been more than a week since the expected delivery date for online orders shifted to April 12 from April 3.
• Nor any retail store sales on Sunday (though most Apple and Best Buy stores were closed for Easter)
• Nor any orders placed online yesterday or today, nor any iPads sold in retail stores today.

Ergo, Blair thinks the true number of units sold to date is more like 600,000.

We could get an update from Apple on Thursday, when the company provides a “sneak peak” at iPhone 0S 4.0; after that, attention turns to the company’s March quarter earnings report, which is coming April 20.