Apple shocked the financial world yesterday when it announced record earnings for the third quarter of 2011, largely driven by high demand for its iPhone and iPad mobile devices.

The Cupertino, California-based technology juggernaut announced a quarterly profit of $7.3 billion, representing a 125 percent increase from last year's third quarter. Additionally, the company posted record quarterly revenue of $28.5 billion as well.

According to Apple, iPad sales grew by a solid 183 percent during the quarter. This is not terribly surprising given Apple's dominance in the tablet market in recent years and the introduction of the iPad 2, which was released in March.

What is shocking is the 142 percent growth in iPhone sales. Apple claims it sold more than 20 million iPhones during the quarter, which is notable considering the company has not introduced a new version of the smartphone in more than a year.

However, it is likely that Apple will release a new version of the iPhone in the new quarter. Though the company has not confirmed anything, many industry observers have slated late August or September to see the launch of either a new iPhone 4 or the iPhone 5.