Apple Inc. reportedly hit a milestone with their iPhone brand with the smartphone's 500 million unit sold.

According to Forbe, Apple sold its 500 millionth iPhone "within the last few weeks."

"Despite much consternation in the media that the high-end of the market is reaching saturation, this data point demonstrates that iPhone sales continue to accelerate for Apple even if the rate of that acceleration is less breathtaking than it had been in the past," wrote Forbes Contributor Mark Rogowsky.

When then-Apple CEO Steve Jobs introduced the iPhone in 2007, he projected 10 million units of the smartphone to be sold for 2008. It initially appeared Apple was going to struggle to Jobs's forecast since approximately 717,000 units were sold during the next quarter of the device's launch. In 2008, Jobs's forecast was accomplished with 13.7 million units sold. As Forbes noted, Apple, today, could sell roughly 717,000 units during a 48-hour period.

While precise dates have not been noted, it was projected Apple hit the 100 million-unit sales around February 2011. iPhone sales continued to increase as the 200 million mark was forecast to be sold in February 2012. The 400 million mark has been projected around late July 2013, two months before the launch of the iPhone 5c and iPhone 5s, which was the largest worldwide launch for an Apple smartphone including Australia, Canada, China, France, Germany, Hong Kong, Japan, Puerto Rico, Singapore, United Kingdom and United States, to name a few. The launch of the two iPhones resulted in nine million units sold, globally, during its first weekend of release.

Apple is expected to deliver its next quarterly figures in April, and iPhone sales could encounter a turbulent time. According to the International Data Corporation (IDC), the growth of smartphone sales is expected to decline in 2014.

"2014 will be an enormous transition year for the smartphone market," said IDC's Program Director for its Worldwide Quarterly Mobile Phone Tracker Ryan Reith. "Not only will growth decline more than ever before, but the driving forces behind smartphone adoption are changing. New markets for growth bring different rules to play by and 'premium' will not be a major factor in the regions driving overall market growth."

The IDC noted the average selling price of a smartphone could drop by 2018 from $335 in 2013 to $260.

It is possible iPhone sales could slow especially in the summer as Apple prepares to launch the iPhone 6, allegedly in the fall.

The iPhone could hit the one-billionth unit sell by 2017.

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For the latest updates, follow Latin Post's Michael Oleaga on Twitter: @EditorMikeO

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