iPhone has a $250 – $300 Million Opening Weekend

Piper Jaffray’s Gene Munster is estimating Apple sold half a million iPhones from 6 p.m. Friday through the close of business on Sunday. With the devices going for $500 to $600, that’s around $250 to $300 million in cash changing hands, depending on the mix of 4GB and 8GB units sold.

With margins on the device in the 20-50% range (probably closer to the lower end), that leaves an estimated $50 to $150 million in profit.

Not a bad weekend for Apple.