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Apple Sells Millionth iPhone Device

6:00 am on September 11, 2007 | Category: Business, Cell Phones, Mobile Devices

Apple Inc. announced yesterday that it had sold its one-millionth iPhone handset, about three weeks ahead of schedule, reassuring investors worried about demand for the device in light of last week’s price cuts.

Shares in Apple, which declined more than 9% last week due to a $200 reduction in the iPhone’s retail price, jumped $4.95, or 3.75% yesterday on the NASDAQ, to close at $136.71.

Up until now, the company had stuck by its prediction that the millionth iPhone wouldn’t be sold until the end of this month.

“Apple was being coy when they said the end of September last week,” commented Pacific Crest analyst, Andy Hargreaves. “I think they knew it was going to be much earlier than that. I don’t think (the price cut) drove three weeks of sales into four days.”

Apple CEO, Steve Jobs, believes that this first big milestone is a sign of better things to come, sticking to his forecast that 10 million iPhones will be sold by the end of 2008.

“One million iPhones in 74 days — it took almost two years to achieve this milestone with iPod,” Jobs commented.

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