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Apple iPhone has hit record sales after the release of iPhone 4S in October last.

The company's holiday quarter sales doubled which helped Apple post highest iPhone sales figure so far.

In Q1, 2012, Apple has sold 37 million iPhones compared to last year's figure during same quarter which amounted to 17 million iPhones. That is up by an amazing 128 percent.

Comparing to this, Samsung has just shipped 35 million smartphones. The big difference between both the smartphones is that Apple was able to sell the products while Samsung smartphones are just being shipped.

Gene Munster, an analyst at Piper Jaffray Cos, said: "The momentum that Steve Jobs created, Tim Cook is maintaining."

The iPhone has accounted for 53 percent of Apple's revenue in the quarter although other impressive products like iPad, iPod, Mac and even Apple TV are on cards.

Apple has revealed in a statement that their sales rose 73 percent to $46.3 billion in the fiscal first quarter compared to analyst's expectation of $38.9 billion. The sales results mean that Apple has regained the post of being the world's largest maker of smartphones, overtaking Nokia Corp., the mobile giant who held the top spot for a decade.

Moreover, the new venture has helped Apple establish itself as the world's most valuable company by displacing Exxon Mobil Corp, both these companies have been fighting for top spot since last summer.