Apple announced it has sold its one millionth iPhone during the first 74 days after its release.

“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” said Steve Jobs in a press release posted on the company's web site.

Apple's goal was to reach 1 million sales by the end of this quarter. Its long-term goal is to sell 10 million iPhones by the end of 2008. A goal considered as very conservative by some analysts and commentators.

Investors had not very well responded to recently announced price cuts on the iPhone line-up. Apple announced last Wednesday that it would drop the price of the 8GB iPhone from $599 to $399 and that the 4GB model would be discontinued.

Today's announcement boosted the stock price as it proved to investors the recent move was not due to a lack of success in the product lineup.