Apple, the largest smartphone vendor, reported a growth rate that is 12 times the global mobile phone market in Q2.

The financial results of Q2 shows iPhone shipment increased by 141.8 percent year over year, while the global phone market grew just 11.3 percent.

With the drop in the feature phone market due to the growing demand of the smartphone market, LG’s shipment dropped by 18.9 percent, with just 24.8 million units and Nokia’ s shipments dropped by 20 percent from last year with 88.5 million units.

However, Nokia still holds the first position with 24.2 percent of the market share with Samsung following it, grabbing 19.2 percent of the market.

Apple has sustained its fourth position from the last quarter and has pushed the company extremely close to the third place occupied by LG, the handset producer.

With Apple’s plans to extend its iPhone market by introducing low priced handsets, Apple could soon surpass its competitors.

Apple's recent record financial results were largely thanks to its unrelenting iPhone sales.

Apple's "old" iPhone 4, already 12 months old, is surprisingly still selling strongly at U.S. carriers. With the coming of the iPhone 5, it can push the company out of reach of competitors.