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The latest numbers from research firm UBS indicated Apple has blown its previous iPhone sales records by selling 69 million iPhones in the last quarter of 2014, fueled by the new iPhone 6 and iPhone 6 Plus holiday sales. The rest of Wall Street believes Apple sold 65.5 million, however research from the UBS Evidence Lab says it sold close to four million more. 

If UBS’ number stands true, it will beat its previous record of 51 million in the holiday quarter of 2013 – handsomely. Last year, Apple was unable to meet consensus analyst estimates of 56.5 million due to supply chain restraints.

Apple’s stock was up 1.44 percent before the close on Wednesday. UBS maintained its “buy” rating with a 12-month, $125 price target for the Cupertino-based company.

UBS analyst Steven Milunovich, in a note passed along by AppleInsider, says the surge in iPhone demand is likely in China. Research suggests that China could account for as much as 35 percent of all iPhone shipments for the quarter, compared to 22 percent a year ago.

Apple reports its earnings for the last quarter of 2014 on January 27. As usual, the company will be hosting a conference call to discuss its earnings, beginning at 2:00 p.m. PT / 5:00 p.m. ET. Analysts in general are expecting Apple’s revenue to near the $70 billion mark for the 3-month period.

[Apple Insider]