Sprint (S) on Wednesday substantially revised initial sales figures for its new HTC EVO 4G, saying that while the new smartphone set one-day sales records, the company vastly overstated its first weekend sales figures.

Sprint originally announced that first-day sales of the EVO had tripled the combined three-day sales of its next best-selling phones, the Samsung Instinct and Palm's (PALM) Pre.

But in a revised release, the company admitted overstating the three-day sales numbers, saying now that EVO’s first-day sales were actually equal to the combined three-day sales of the other two phones.

But despite its downgraded weekend figures, Sprint said first-day sales of the EVO shattered the previous record, selling six times the number of Instinct phones and double the number of Palms.

Analysts say the error means Sprint likely sold closer to 150,000 EVO’s during the first weekend, rather than the 250,000 to 300,000 first estimated. One analyst told Reuters that calls to 20 retailers showed the phone is still in short supply.

“We continue to see sales of EVO 4G outpace sales of Samsung Instinct and Palm Pre,” the company said in a revised release re-stating the figures.

Sprint said the record first-day sales led to shortages of the phone at some 22,000 retailers across the U.S. Sprint said it is working with HTC to increase the supply of the phone.

A spokeswoman for the company did not return a call for comment on the error.

Sprint expects the EVO to compete in the same market as Apple Inc.’s (AAPL) iPhone and touts the 4G network as the fastest wireless network in the U.S. The company said its network currently covers 43 million people, but expects that number to nearly triple by the end of the year.

The phone runs on Google’s (GOOG) Android operating system. It comes with a GPS navigation system, dual cameras, and a 1-gigahertz processor that enables the phone to run more than 35,000 applications available at the Android Market.