3 Stunning Numbers That Reveal How Huge Apple's (AAPL) iPhone Business Has Become - TheStreet

The true extent to which Apple (AAPL) - Get Report  has become an iPhone company can only be appreciated when you look at key statistics about the game-changing device. 

From the launch of the first iPhone in June 2007 to mostly ecstatic reviews to now, Apple has sold over 1 billion iPhones. In addition, the iPhone makes up about 44% of the smartphone market in the U.S., where users spend up to 5 hours per day on their mobile devices. 

About 60% of Apple's revenue has been coming  from iPhone sales since 2011. While iPhone revenue took a slight dip in 2016 for the first time, Jackdaw Research chief analyst Jan Dawson thinks sales are back on track and should gain momentum this fall with the release of the 10th anniversary edition of the iPhone. 

An April 2017 survey from Morgan Stanley that showed about 92% of iPhone owners say they are "somewhat likely" or "extremely likely" to upgrade their device in the next year. That survey was based on 1,000 U.S. smartphone users aged 18 and above.

Here are three stunning figures that show how huge Apple's smartphone business has become. 

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Editors' pick: Originally published June 27.