Apple's latest financial results revealed the lowest iPhone growth since the device debuted, but the Cupertino firm does have one thing to celebrate.

During the quarterly earnings call, company CEO Tim Cook announced that there are now more than one billion Apple devices in circulation, Digital Spy said.

In other words, the number of iPhones, iPads, Macs, iPod touches, Apple Watches and Apple TVs connected to the App Store or iCloud is equal to one seventh of the world's population.

"The growth of our services business accelerated during the quarter to produce record results, and our installed base recently crossed a major milestone of one billion active devices," Cook said in a statement.

Year-on-year, revenue for Apple was up just under 2% with $75.9 billion while profits grew 1.9% to $18.36bn.

That figure falls within the $75.5bn to $77.5bn of revenue projected by Apple last October. Profit topped out at $18.4bn, the highest reported by any company ever.

Although Apple handset sales appear to be dwindling, they are expected to surge later this year when the iPhone 7 debuts with an all-new design.