US tech giant Apple recently announced the sale of its billionth iPhone, a milestone for the company and a distant dream for most of its competitors in the smartphone market.
Chief executive Tim Cook made the announcement at 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,” he added.
The news comes a day after the Cook-led company reported a drop in iPhone sales over the past quarter, a second consecutive drop in the nine years since the manufacturer started making iPhones.
Apple sold 40.4 million iPhones in the quarter ending June 25, down 15 percent from a year earlier.
The slower growth outlines the challenges that Apple is set to face in the near future owing to the saturated and competitive smartphone market. Over the past decade, iPhones have been the biggest contributor to the Cupertino giant’s revenue.
In the recent past, Apple has taken steps to diversify its product line whilst continuing to keep users within its ecosystem.