NEW YORK (TheStreet) --Apple (AAPL) - Get Report announced this afternoon that it has sold its one billionth iPhone. The historic milestone was realized sometime last week, CNBC's Josh Lipton reported from San Francisco on today's "Closing Bell."
It took the company nine years, but they have finally accomplished the feat. CEO of Apple Tim Cook released a statement about the tech titan's accomplishment.
"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 said.
Additionally, Lipton said he spoke with Cook yesterday about the future of the franchise and expectations moving forward.
"He maintains that franchise is healthy, strong, and he pointed to the record number of Android switchers in Q3, and told me they saw that in virtually every country they track," Lipton noted.
Investors will now look to the release of the iPhone 7 this fall and continue to gauge how well the release can stimulate future sales.
Shares of Apple closed higher by 6.50% to $102.95 on Wednesday.
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Separately, TheStreet Ratings rate APPLE INC as a "Buy" with a ratings score of "B." This is driven by a number of strengths, which TheStreet Ratings believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks TheStreet Ratings covers.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity and expanding profit margins. TheStreet Ratings feels its strengths outweigh the fact that the company shows weak operating cash flow.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL