Apple's iPhone Hits Million Mark

Apple (AAPL Quote) has sold a million iPhones.

The Cupertino, Calif., tech shop says it hit the big milestone just 74 days after it introduced the hotly hyped smartphone. The news also comes a few days after the company slashed the iPhone's price to further expand its consumer reach.

"It took almost two years to achieve this milestone with iPod," CEO Steve Jobs said on the company's Web site. "We can't wait to get this revolutionary product into the hands of even more customers this holiday season."

Last week, Apple stopped production of its 4-gigabyte iPhone and slashed $200 off the price of the 8-gigabyte model. Now priced at $399, the phone is assumed to be better positioned for the key holiday buying season.

Apple's surprise price cut angered some early buyers of the iPhone. The company responded by issuing an apology and $100 in Apple store credit to iPhone buyers.

As reported here earlier Monday, observers say Apple won't have a 3G phone available this year -- a frustration for gadget fans who have been holding out for the full-speed iPhone.

Apple shares rose $3.74 to $135.46 in early trading Monday.