Apple Has Sold A Billion IPhones

(RTTNews) - Apple Inc. (AAPL) has announced that it recently sold its 1 billionth iPhone, about nine years after the first iPhone was launched.

"iPhone has become one of the most important, world-changing and successful products in history. It's become more than a constant companion. iPhone is truly an essential part of our daily life and enables much of what we do throughout the day," said CEO Tim Cook.

The Cupertino, California-based tech giant has reached the milestone at a time when iPhone sales have slowed down. The company reported drop in iPhone sales for last two quarters, the first time the device has registered a drop since its launch in 2007.

Apple officially launched the first iPhone on January 9, 2007 and began shipping the product in June. Since then, the iconic product has transformed the company. Sales of iPhone contributes about two-thirds of Apple's revenues and a major part of its profit. Apple is expected to release its next-gen iPhone next month, the success of which is really important for Apple.

The sluggish sales of iPhones reflect a saturated smartphone market, sluggish demand in China -- Apple's second-biggest market after the U.S, and less frequent upgradation of iPhones by customers.