It’s no secret that Apple generates billions of dollars in earnings from iPhone sales worldwide – and first quarter 2015 will certainly be no exception to a generally upward trend. Apple, traded on NASDAQ, is believed to exceed its earnings estimates when it announces official numbers on Jan. 27.

Apple’s financial performance hinges on the robust sales of the iPhone 6 and iPhone 6 Plus. BidnessEtc reported the average predicted by analysts is around 67 million units. That would mean Apple enjoyed a lofty 31 percent increase over the number of iPhones sold in the first quarter of fiscal year 2014.

Some analysts firms peg Apple’s iPhone sales to come in over 70 million, with Credit Suisse projecting 71 million unit sales and Societe Generale postulating a 70.20 million unit figure while Morgan Stanley has raised the estimates from a more conservative 67 million to 69 million units.

If the sales projects hold up, Apple will enjoy a record-setting quarter for its signature smartphone. The company has historically beat iPhone sales estimates, so it’s not farfetched to believe it will happen again.

Apple’s earnings may be tempered by slower sales of the iPad, while another factor could be the sales of Mac desktops. Analysts, including Morgan Stanley, have projected iPad sales in the range of 22 million in the first quarter 2015, a 15 percent decrease from the same period last year. The larger iPhone 6 Plus may “have cannibalized iPad sales” worldwide.

The iPhones even helped the Cupertino firm to more than double its market share in South Korea, the home of its rival Samsung, from 15 percent to 33 percent. In the U.S., both iPhones were popular with shoppers over the holiday season.