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.