While many doubted Apple could make a serious entry into the mobile phone market, it seems iPhone sales are doing very well. Today, the Cupertino-based company announced it has sold its one millionth iPhone, ahead of its own predictions to surpass the million mark by September 30.

"One million iPhones in 74 days---it took almost two years to achieve this milestone with iPod," said Steve Jobs, Apple's CEO. "We can't wait to get this revolutionary product into the hands of even more customers this holiday season."
The announcement follows a recent report by research firm iSuppli which indicated the iPhone accounted for 1.8 percent of all smart phone sales in the US in July. Furthermore, Apple stopped production of its 4GB iPhone and slashed $200 off the price of the 8GB model, looking to boost sales of the iPhone during the upcoming holiday sales season. Apple has said it is targeting 10 million iPhones sold by the end of 2008.