Apple's Steve Jobs announced $7 billion profits in the fiscal third quarter, mainly due to record iPhone sales of 20.34 million, that is more than twice the figure for Q3 last year.
The record sales of the iPhone were accompanied by significant increases in iPad and Mac sales, boosting Apple's profit by 124% year-on-year.
With the expected September release of the iPhone 5 apparently not putting a damper on current sales, Steve Job's was clearly satisfied with the quarterly results, "We're thrilled to deliver our best quarter ever," said Apple's chief executive, as the company is closer than ever to becoming the most valuable in the world by market capitalization.
Carolina Milanesi, a smartphone analyst at Gartner (opens in new tab) predicts that Apple has a high chance of overtaking LG next quarter and thus become the world's 3rd largest mobile phone seller. And this evolution has happened very, very quickly, in less than 5 years; and with just one basic phone model per year, while other manufacturers have a plethora of devices.
In addition, it seems that around half of the Fortune 500 companies have been either using or testing iPhones or iPads.
Aside from all the good news, a Wall Street Journal report says that Jobs, who was diagnosed with neuroendocrine cancer in 2003, has been on extended medical leave from the company since January, and as a consequence Apple's board is now searching for a successor to the company's talismanic CEO.