Apple (AAPL) Smartphones Capturing Market Fast

Apple's (NASDAQ: AAPL) iPhone is gaining ground and accounts for over 17% in global smartphones sales. This is expected to grow even faster when iPhones become available in China in greater volumes.

In Q3, Apple shipped an estimated 7.04 million iPhones, getting it just behind Nokia (NYSE: NOK) and Research in Motion (NASDAQ: RIMM) as the third-largest smartphone maker in the world.

But Apple is the most profitable cell phone maker, surpassing both Nokia and Samsung. Apple earned $1.6 billion in profits, compared to Nokia’s $1.1 billion during the last Q3.