Apple will report revenue of over $40bn for its fiscal Q1 2012 in next week's quarterly financial earnings report, an analyst has predicted, largely due to booming sales of the iPhone 4S. 

RBC Capital Markets analyst Mike Abramsky said that stockpiles of the iPhone 4S were running low in many regions, reports the Financial Post-.

Abramsky Apple shipped 32 million iPhones during the first quarter of its 2012 fiscal year, around double the figure for Q1 2011. When Apple reveals its earnings next Tuesday, he expects the company to report $40.2bn revenue for the quarter and $11 in earnings per share.

Meanwhile, Apple's value on the stock market briefly rose to over the $400bn mark yesterday, reports CNN, setting a record and making it worth more than Greece.