Apple on Wednesday announced the sale of its billionth iPhone, which has set milestone for the company in a competitive smartphone market. Chief executive Tim Cook made the announcement during a staff meeting at the company's California headquarters.
"IPhone has become one of the most important, world-changing and successful products in history," he said in a statement.
"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. Last week we passed another major milestone when we sold the billionth iPhone. We never set out to make the most, but we've always set out to make the best products that make a difference."
A week after Apple reported a fall in iPhone sales over the past quarter, second drop has now been seen since it was first introduced in the market in 2007.
In the quarter ending June, Apple successfully sold 40.4 million iPhones, a 15 per cent drop as compared to the previous year.
Apple has built a huge business around the iPhone. But its quarterly performance has posed a new challenge due to high competition in the smartphone market.