According to investment firm Susquehanna, Apple is expected to sell 111.4 million iPhones in 2012. Apple's latest iPhone 4S is the main reason for the increased sales forecast. The new model's popularity was obvious during the first days of the phone's availability, with the handset breaking many sales records. The investment firm had previously predicted that Apple would only sell 104.4 million iPhones.

"The revisions are based on positive sell-through data combined with recent supply-chain checks, which suggests that earlier component constraints have largely been resolved and build plans have increased for the fourth and first quarter," said Jeffrey Fidacaro, a Susquehanna analyst.

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