Milestone follows news of slipping sales

Nine years after Apple revolutionized the tech industry by introducing the first-generation iPhone, CEO Tim Cook announced that the iconic handset had recently passed the billion- unit mark.

“iPhone has become one of the most important, world-changing and successful products in history,” he said in a statement that would be mere hyperbole for any other device. “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. Thank you to everyone at Apple for helping change the world every day.”

Cook’s comments followed this week’s mixed third-quarter earnings report, which revealed lower profits and a 23-percent dip in iPhone shipments. Nonetheless, investors rewarded Apple for exceeding expectations; for the global success of its entry-level iPhone SE; for the forthcoming iPhone 7; and for a stepped-up R&D pipeline.