It accounts for just 4.2 per cent of the global mobile phone market share in the third quarter of this year, but the company has still managed to rake in 52 per cent of profits, according to Canaccord Genuity.
Analyst Michael Walkley said that it was ‘remarkable’ such a big share of the profit had been generated.
He claims the company is poised to claim an even larger share in the December quarter.
Apple is predicted to take at least 60 per cent with 29 million iPhone sales, up from the firm’s earlier estimate of 27 million.
Mr Walkley said: ‘With Nokia in the midst of a challenging smartphone strategy transition and our checks indicating RIM and Motorola Mobility continue to struggle in North America given the increasingly competitive Android smartphone market, we believe Apple will gain further value share in the December quarter and could capture over 60 percent of industry profits.’