The iconic device debuted right at the end of the company's third quarter, the results for which are due at 10pm UK time. We'll bring you live updates, so please refresh this page often.
The company is also expected to announce sales figures for the iPod, as well as Mac laptops and desktops. The company may also reveal more information about the launch of Leopard, the next version of the Mac OS X operating system.
9.50pm - Ten minutes to go...
10.03pm - It looks like Apple has sold 270,000 iPhones in its first two days on sale, a much lower figure than some analysts had estimated. However analysts' projections have also been criticised in some quarters for being over-zealous, with some putting sales at up to 700,000.
The good news for Apple watchers is that the 270K figure is 90,000 more than the 146,000 figure AT&T had stated earlier in the week. That figure was based on successful activations.
The company also shifted 9,815,000 iPods; 634,000 desktop systems (iMacs and Mac Pros); and 798,000 MacBook and MacBook Pro laptops.
The conference call has still to begin. Classical music is playing.
Conference call begins
10.09pm - Conference call has begun. Preamble about forward-looking statements. Apple's chief financial officer Peter Oppenheimer, and chief operating offer are speaking.
Peter Oppenheimer says it's been another successful quarter.
1.76 million Macs - all time quarterly record for Apple. 33 per cent growth year on year.
Apple's growth rate 2.5 times higher worldwide than IDC average.
270,000 iPhones sold, 146,000 iPhones activated. Apple apologises for the activation problems that some users experienced with AT&T. It says iPhone buyers are experiencing a high percentage of problem-free activations in the weeks following the 29 June launch.
Apple expects to sell 1 million iPhones by the end of September. Plans to launch in Europe by the end of the year.
New software features and applications coming.
330,000 Mac sales - 50 per cent of buyers new to the Mac. 9,000 customers per store per week.
Expect to earn $5.7 billion
Peter Oppenheimer: "We're off to a great start with the iPhone."
iPhone sales to date
Apple sold 270,000 units in first 30 hours. AT&T said the first iPhone sales in the opening weekend were the highest for any device in the company's history.
90 per cent of iPhone owners have said they're satisfied or very satisfied with the iPhone.
Apple says its primary focus is not on initial sales. Instead it's focused on building a third great business for the company beyond the Mac and iPhone.
"It won't be easy," Apple chief operating operator Tim Cook says. "Our competitors are large and entrenched. Our perspective is years, not months."
Apple is confident it can succeed. Sales will expand over the whole of 2008. It says it will grow sales step by step, year by year, model by model
Tim Cook says that it took Apple two years to sell one million iPods. it will sell one million iPhones in its first full quarter.
He is also confident of selling 10 million iPhones in 2008 - that's in the USA, key territories in Europe and Asia.
There is plenty of iPhone stock in stores, and online orders usually ship in 1-2 days.
10.42pm - No obvious evidence of cannibalisation by the iPhone on iPod sales.
Corporates are currently trialling the Apple iPhone in their operations, and are very happy with the results so far.
European iPhone launch
10.54pm - Apple says iPhone is a breakthrough product, and that it's been great for US citizens and will be great for Europeans too. The company is spending a lot of energy on preparing the iPhone for the European launch and will announce details on who they're partnering with in the next quarter.
10.58pm - The 8GB iPhone is selling better than the 4GB version it seems - Apple won't give specifics, but says sales are skewed towards the higher capacity model.
11pm - Conference call is over.