Apple needs a hit iPhone - it's delivered at least 50 percent of company revenue for the past five years

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Apple held its biggest event of the year at its new Cupertino, California headquarters o n Tuesday, and revealed the highly anticipated iPhone X . The new phone is unlike any of its predecessors. It has a full glass screen, OLED technology, and no home button. It also costs $999 - making it the most expensive base model that Apple has had in its iPhone line up.

The announcement is one of the company's biggest since it first released the original iPhone ten years ago. As we can see in this chart from Statista , iPhones have accounted for an increasingly huge piece of Apple's total revenue over the past ten years. The new price of the X will be hard to swallow for a lot of consumers, but even if the X doesn't make a huge splash, Apple is sure to continue raking in cash from cheaper previous generations. As of today, the price of the cheapest iPhone has been reduced to $349.

Chart of the Day 9/12

Mike Nudelman/Business Insider

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