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Five years after entering the smartphone market, tech giant Apple has sold its 250 millionth iPhone. The U.S.-based tech giant, that has manufactured other iconic products like iMac, iPod and iPad, reached the milestone during the most recent quarter. iPhone, which was first launched in 2007, has generated over a 150 billion dollars in sales for Apple, helping it become along the way the world's most valuable company, The New York Post reports. Company statistics showed that 244.3 million iPhones were sold through June 30, and that they were selling last quarter at the rate of two million a week. That's down from 2.7 million a week in the first three months of the year. Assuming a similar cooling of sales continued into the current quarter, iPhone No. 250,000,000 was likely sold in the last week, the paper said. According to the report, Apple sold 17 million phones in the last quarter of sales of the iPhone 4 and 37 million phones during the first quarter of the 4S, a rate of 2.8 million a week. The iPhone 5, expected in stores this October, could see sales of over 50 million in the fourth quarter, the report said.

Apple sells 250 millionth iPhone, earns 'whopping' $150 billion in revenue