"I'm confident that we will set an all-time record for iPhone this quarter," Apple's CEO said--a prediction he repeated several times during the call.

Apple is certainly off to a strong start in making good on Cook's forecast. The iPhone 4S went on sale last Friday and promptly in its opening weekend. That doubled the sales total racked up by the iPhone 4 when it debuted in 2010.

Demand is clearly high for Apple's first major phone overhaul in 15 months. Apple took in the first 24 hours that the phone was available. This week, it implemented a eager to get their hands on the new phone.

Smartphones have become big business for Apple. According to Tuesday, Apple sold more than 17 million iPhones during its just-completed fiscal fourth quarter. That brought in $10.98 billion in recognized revenue for the company.

Still, iPhone sales were not as strong as they could have been during the quarter. Some Wall Street analysts were looking for Apple to sell between 18 million and 20 million phones between July and September--a shortfall that Apple executives blamed squarely on the build-up in rumors over the summer that a new phone release was imminent.