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Apple is no. 1 in the global smartphone market

Apple's iPhone: Is a new and improved versioon on the way? So it seems. CC Jorge Quinteros/Flickr

(CBS) - Apple has taken down Nokia to be the top smartphone company in the world.

Strategy Analytics reported, "global smartphone shipments grew a healthy 76% annually to reach a record 110 million units in Q2 2011."

Apple took the top spot in market share at 18.5% and Samsung rose to second place at 17.5% in Q2, both knocking down previous leader Nokia to 152%. It was only in September of 2010 that Nokia held a 40% market share.

A separate report released by the International Data Corporation (IDC) said, "worldwide mobile phone market grew 11.3% year over year in the second quarter of 2011 (2Q11), despite a weaker feature phone market, which declined for the first time since 3Q09."

Complete coverage of Apple on Tech Talk

The news couldn't be better for Apple, whose cash reserve is now set at $75.876 billion. The U.S. Treasury Department placed their total operating balance at $73.768 billion.

Apple said more than 200 million of its iOS devices have been sold around the world to people in 90 countries. The figures are said to include the iPhone, iPad and iPod Touch. The iPhone is widely considered to be a game changer for hand-held devices. It was first released in June of 2007.

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