Apple has announced its one billionth iPhone sale since its inception – a major milestone for the company.
Chief Executive Tim Cook made the announcement Wednesday at a staff meeting at the company’s headquarters in Cupertino, California.
Recently Apple has been embroiled in a smartphone war, losing ground in a world market that is being overtaken by heavy competition.
In a statement, Cook said “iPhone has become one of the most important, world-changing and successful products in history.”
New buyer fear Cook may be right when using the word ‘history,’ as Apple has diversified its holding in entirely different markets around the world, far outside of the iPhone marketplace.
Cook went on to say “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.”
The statement release came a day after reports that iPhone sales over the past quarter have dropped for the 2 time in a year – a major hurdle in unending growth in the iPhone market since its inception in 2007.
In the past quarter ending June 25th, Apple sold 40.4 million iPhones – down 15% from a year earlier.
Many believe that it is a sign of the times, bringing the iconic smartphone to its slow demise.
Apple Inc. has built a massive business around the iPhone, but analysts fear that it is unlikely to see continued growth due to a heavily saturated smartphone market and increased competition that has ‘outsmarted’ even iPhone.