Apple is expected to reveal next week that it sold a record amount of iPhones during the fourth quarter of the fiscal year, according to a report by CNET.com.

Apple has yet to release its official fourth quarter results yet, but Morgan Stanley analyst Katy Huberty revealed estimated sales reached 54 million to 55 million during the fourth quarter.

Wall Street consensus had Apple selling around 53 million units during Q4, a number Apple blew by, according to Hyberty.

During the first fiscal quarter of 2013, Apple sold 47.8 million iPhone devices.

Sales are expected to drop significantly during the first fiscal quarter of 2014, since the company benefited from holiday sales during Q4.

Huberty predicts Apple will sell closer to 45 million units during the first quarter, and 35 million in the second.

"We believe Apple is likely to launch new Internet-based services this year, including the potential for a mobile payments platform as early as the developer conference in June, in our view," Huberty said, according to CNET.com. "Most importantly, we believe Apple will start to monetize services on top of the many assets they have, such as iBeacon, fingerprint sensor, 575M+ credit card accounts, and homogeneous iOS installed base. iWatch or a larger iPad form factor would also push consensus estimates higher."

Apple released two new phones in 2013, the iPhone 5S and the cheaper iPhone 5C.

The smartphone company will reveal its quartly results officially on Jan. 27.

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