Steve Jobs clutches
the coveted unit

Days after cutting the cost for its iPhone and releasing news of its iPod touch, Apple has sold its millionth iPhone.

While it took the company two years to sell a million iPods, the iPhone took a mere 74 days.

Tim Bajarin of Creative Strategies notes it was savvy on Apple's part to bring the cost of the iPhone down to the cost of the iPod touch, which possesses all of the same capabilities without phone service.

"They solved the cannibalization problem with this," he said, suggesting (via the Globe and Mail) that the iPod touch may have otherwise driven people to abandon hopes of owning an iPhone.

Analysts observe the two products are expected to fare well toward the holiday season. The iPhone has been a topic of particular interest in the mobile sector because of its ability to compete with both smart phones and feature phones.