At a third quarter earnings conference Apple CFO Peter Oppenheimer announced the company has sold 5.2 million iPhones during the quarter, paidContent.org reported.

Oppenheimer said the interest in iPhones was overwhelming Apple's supply, commenting that "we can't make enough iPhone 3GS's to meet demand." The iPhone 3GS, which is Apple's latest model of the phone, includes new features such as video-recording and an internal compass.

The newest iPhone technology was released accompanied by a slight price reduction, which COO Tim Cook said resulted in "a significant increase in total sales."

While the company is relishing soaring sales of its iPhone, revenue for iPods has dropped by 7 percent in year-on-year data compared to a 626 percent growth in iPhone sales.