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  • Today Apple is going to reinvent the phone.

  • On June 29th, 2007, consumers got their hands on the very first iPhone.

  • Now, a decade later, the smartphone has proven to be the undisputed king of Apple products.

  • And in turn, revolutionized an entire ecosystem.

  • Destroying heavy weights of the day and spurring new rivals across the globe like OPPO, and Xiaomi.

  • The iPhone also opened doors to what has become a large chunk of the company's revenue:

  • apps.

  • App sales have generated roughly 100 billion dollars in gross revenue for Apple.

  • With more than 16 million developers worldwide producing apps,

  • ranging from Uber to Snapchat.

  • The launch of the iPhone didn't just change the way people work and socialize,

  • it also transformed the company itself.

  • Apple grew by every dimension.

  • Going from a company with staff of around 18,000 pre-iPhone,

  • to a workforce of 116,000 in 2016.

  • And sales for Apple went from 19 billion dollars in 2006 to over 215 billion a decade later.

  • It doesn't stop there.

  • Since it's launch, Apple has sold about 1.3 billion iPhones,

  • generating more than 800 billion dollars in revenue.

  • That blows other iconic devices out of the water.

  • Including Nintendo's Game Boy, which sold over 118 million units in its lifetime.

  • And Sony Walkman, which sold a little over 200 million in a 38 year period.

  • But with that astronomical growth rate comes heavy dependence.

  • The iPhone makes up a wapping 63% of revenue for Apple,

  • making it the company's most crucial product.

  • Some tech heavyweights are sounding the alarm about the future of smartphones.

  • With long-time silicon valley investor Peter Teals saying he doesn't think there will be any more innovation here.

  • It's clear that Apple's CEO Tim Cook sees it differently.

  • I think we're just getting started.

  • And so I'm incredibly excited, and clearly there's nothing that I think, virtually anybody would say

  • is going to replace the smartphone anytime soon.

  • As Apple looks toward the next decade, and the competition stays red hot,

  • a major question remains:

  • how long can the iPhone remain at Apple's core?

  • Emily Chang, Bloomberg, San Francisco.

Today Apple is going to reinvent the phone.

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