That right there in the hands of Apple CEO Tim Cook is the billionth Apple iPhone. This phone was sold recently, and it took Apple all of nine years to reach this milestone.Cook said the Apple iPhone has since its launch become one of the “most important, world-changing and successful products” in history. We will have to agree given that it turned the mobile phone industry on its head, killed a few other industries and gave one of the biggest boosts to the content industry.“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. Thank you to everyone at Apple for helping change the world every day,” the Apple CEO added.But it’s not been such a rosy picture for the iPhone of late. At the company’s 2016 Q3 earnings call on July 26, Cook said while they sold 51.2 million iPhones in the quarter it was a “bit lower than the exceptional year-ago quarter” when there was a spurt in iPhone upgrades.He plotted the source of iPhone sales as three: customers upgrading from previous models; customers moving from Android and other OS; and first-time customers.

He said Apple’s business was “healthy and strong” in each of these three sources. According to Cook, the upgrade rate for the iPhone 6s cycle in the first half of 2016 has been slightly higher than the iPhone 5s cycle two years ago, however it is below the “accelerated upgrade rate” seen with the iPhone 6, which was responsible for the “phenomenal revenue growth” last year. Cook also quoted a Kantar survey which said iPhone purchasers in the US had a 95 per cent loyalty rate, “the highest ever measured for any smartphone”.