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iPhone SE press shot

Apple said today that it reached a milestone last week, selling its billionth iPhone nine years after the company’s smartphone debuted. Apple CEO Tim Cook made the announcement Wednesday at an employee meeting.

“iPhone has become one of the most important, world-changing and successful products in history,” Cook 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.”

Apple waited to make the iPhone announcement one day after its second quarter earnings report posted, which showed slumping iPhone sales (down 15 percent to 40.4 million units) and overall revenue. Still, it beat Wall Street’s expectations, and Apple’s stock rose nearly 5 percent in after-hours trading.

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