Cheaper iPhone sell like hot pies. Apple Inc. sold its millionth iPhone over the weekend.

By comparison, it took two years for the company to sell 1 million iPods, Apple CEO Steve Jobs noted in a statement.

It took just 74 days for the combination cell phone-iPod to hit the 1 million mark.

Last week, Apple knocked $200 off the price of the 8-gigabyte iPhone, bringing its price to $399, and discontinued the 4-gigabyte version.

Apple had said it was lowering the iPhone price to attract more customers, in time for the holiday season. On the same day Apple slashed the iPhone price to $399, it unveiled a new iPod, also for $399.

The swift price cut — not surprising in the cell phone industry but rare behavior for Apple — angered hundreds of early buyers who bought the touch-screen gadget for the full price. 

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