Millionth iPhone sold by Apple

Apple Inc. said it had sold its millionth iPhone, a few weeks ahead of schedule, reassuring investors who had worried that last week’s price cut signaled weak demand for the phone.

Apple’s shares, which fell more than 9% last week after Wednesday’s price cut announcement, rose $4.94 to $136.71.

Cupertino, Calif.-based Apple cut the price of its first mobile phone to $399 from $599 and said it would sell 1 million units by the end of September.