The iPhone 5 will be out this fall, that is, if it will be launched simultaneously with the iOS 5.

The iOS is the operating system used by Apple for its iPhone smartphones. The iOS is also used to support other Apple devices like the iPod touch, iPad tablet and Apple TV.

"We're thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent," said Steve Jobs, Apple's CEO, in a statement announcing Apple's fiscal third quarter results. "Right now, we're very focused and excited about bringing iOS 5 and iCloud to our users this fall."

According to reports Apple did not confirm, Apple is releasing a thinner and lighter iPhone at the end of September. The new iPhone is said to be similar to the current iPhone 4, but slimmer with an improved eight-megapixel camera. iPhone 5 will reportedly have a A5 processor, a more powerful chip that was added to the iPad 2, which was released in April.

Production problems have delayed the iPhone 5's launch, The Wall Street Journal reported weeks ago, citing sources it did not identify.

Aside from the iPhone 5, Apple is preparing to introduce the OS X Lion, a new operating system for its Mac desktops and laptops.

Record Sales

When Jobs did not unveil the Cupertino, California-based firm's latest iPhone model at its annual developers' conference in June, there were concerns that Apple would be facing rocky days ahead until it launches its new smartphone, the next iPad or a new operating system. Turns out that Apple's current offerings are more than enough to push for Apple to report its best quarter ever.

The Company posted record revenue of $28.57 billion and record net profit of $7.31 billion, or $7.79 per diluted share, for the third quarter ended June 25, 2011. These results compare to revenue of $15.70 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent compared to 39.1 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue.

The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.

"We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50."

Apple's profits and revenue topped estimates by analysts surveyed by Bloomberg news. Analysts had predicted profit of $5.87 a share and revenue of $25 billion, according to Bloomberg data. Apple had previously beaten the average earning projection for at least 29 straight quarters, according to data compiled by Bloomberg.

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