CEO Tim Cook bragged about sales and then Phil Schiller who is the SVP of Apple mentioned that iPhone 5 is the slimmest phone they have ever built and it is made entirely of glass and aluminum.

It weighs 112 grams and is 20% lighter and 7.6mm thick and also features a 326 ppi Retina display.

This is exactly like the leaks revealed and staying true to that, the new iPhone features a 4 inch screen.

“iPhone 5 is made entirely of glass and aluminum. “It’s designed and built to an exacting level of standard unlike anything we, or anyone in our industry, have made before.

“I don’t think it’s an exaggeration to say that the hardware and software engineering that has gone into this product is unlike we’ve ever undertaken before,” said Apple SVP Phil Schiller.

On battery life:

“So, you can imagine the challenge on the battery life. But we’ve not only matched it… we’ve exceeded that of the iPhone 4S.”

On Camera:

“We asked our team to try and design something better than the iPhone 4S… and they’ve done that. 8mp, backside illuminated, hybrid IR filter… 25% smaller.”

“But they didn’t stop there. They enhanced it even further. Dynamic low light mode, precision lens alignment, sapphire crystal.”

Stay tuned to more information as we keep updating this news.

It’s kind of weird when a company makes massive profits and still manages to slip below analyst estimates. That’s exactly what happened when Apple reported profits of $8.8 billion on a revenue of 35 billion, which is about $9.32 per share. The original estimate was about $10.37 per share, which caused a drop in stock prices.

iPhone sales also fell to 26 million from 35 million last quarter, maybe due to people expecting the new phone or good competition from Samsung and the likes. The former is still very likely, though.

Tim Cook, CEO of Apple, was very pleased with this quarter’s results: “We’re thrilled with record sales of 17 million iPads in the June quarter. We’ve also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this fall. We are also really looking forward to the amazing new products we’ve got in the pipeline.”

iPad sales were on fire with 44% increase over last quarter with the new iPad doing really well when it comes to consumer attention.

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Cook thinks Apple is a big player now and can dictate the market flow easily. “Gaming has kind of evolved a bit. More people play on portable devices. Where we might go in the future, we’ll see,” he said, as seen on AllThingsD.

“Customers love games. I’m not interested in being in the console business in what is thought of as traditional gaming. But Apple is a big player today and things in the future will only make that bigger.”

E3 begins next week, and there’ll be many important things shown there and things like Unreal Engine 4 reveal and Wii U showcase should make things pretty interesting.

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