News of the billionth iPhone sold comes ahead of the company's presumed iPhone 7 event, rumored to take place in September. With Apple purportedly saving all the good features for the phone's 10 year anniversary, the iPhone 7 may bring only minor upgrades to the company's flagship handset. A better camera could and altered internal parts could join the phone while the 3.5mm headphone port on the bottom may be removed. With its removal the iPhone 7 could gain the option of being waterproof. The phone will likely sell quickly, but with few changes, potentially not quick enough to make up for the worse-than-expected quarter Apple recently experienced.